Homework Answers
Date. Account title and explanation. Debit. Credit
a)jan 1. Wages payable. 5500
Wages expenses. 5500
( To record reversing entries)
b)jan 6. Wages expenses 61375
Cash. 61375
( To record wages payment)
c)Jan 6. Wages payable. 5500
Wages expenses. 55875
Cash. 61375
( To record wages)
d). Wages expense = 61375 - 5500 = 55875
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At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries. On January 4, 2022. It paid salaries of $3,140: $1,820 for December salaries and $1,320 for January salaries. Prepare the January 1 reversing entry and the January 4 journal entry to record the payment of salaries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter...
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...
eBook Show Me How Calculator Print Item Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $195,000 and $140,400, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $44,900 and one-fourth of Chou's interest for $30,900. Clarke contributes $47,600 cash to the partnership, for which she is to receive an ownership equity of 547,600. al. Journalize...
eBook Calculator Print Item Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $207,000 Income tax withheld $75,152 Warehouse salaries 114,000 Social security tax withheld 25,620 Office salaries 106,000 Medicare tax withheld 6,405 $427,000 Retirement savings 9,394 Group insurance 7,686 $124,257 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6%...
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