Homework Answers
1. Situation 1 -
Explanation -
Company Prepares Financial Statement on Quarterly basis hence 1st quarter of the company would be ending on Mar 31. Hence in the given situation loan is borrowed on 1st Feb so 2 months interest will get charged for the 1st Quarter.
Interest Calculation =
= $8500 X 6% X 2/12 = $85
2. Situation 2 -
Explanation -
Salaries are paid every 2 weeks on the monday on the next month. 2nd weeks salary is disbursed on 26th January for the week (12th Jan - 25th Jan). Hence from 26th January to 31st January salary is payable.
Computation of Salary Expense -
=6 Days X 8 Hours X $22 Per Hour X 25 Employees = $26,400
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please show journal entries for transactions 10 - 16 and the income statement requested Week-1 Basic...
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Assume the company does use reversing entries. Prepare the
December 31 adjusting entry, the January 1 reversing entry, and the
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(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
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please show journal entries for transactions 10 - 16 and the
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Assume the company does use reversing entries. Prepare the
December 31 adjusting entry, the January 1 reversing entry, and the
entry on Monday, January 6, when Crane pays the payroll.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
Your answer is correct. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1. P Anez Company's aonual accounting be recorded as of that date g period ends ongHeem獺31, 2017 T he follöwing information concerns the adjusting entries to poits a. The Office Supplies account started the year with a $3,100 balance. Duing 2017 the company purchased supplies for $12,803, ich was added to the Office Supplies account The inventory of supplies available at December 31 2017, totaled $2728 b. An analysis of...
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