Homework Answers
| Date | General Journal | Debit | Credit |
| Dec. 31 | Bonus expense | $50,000 | |
| Bonus payable | $50,000 | ||
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journal Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded wit...
journal Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated...
journal
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Knowledge Check 01 As of December 31, Marr, Inc., has accrued benefits to its employees for medical insurance (in the amount of $12,000) and a contribution to a retirement program (at 10 % of the employees' $200,000 gross salary). Prepare the December 31 entry for Marr by selecting the account...
journal Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated...
journal
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Knowledge Check 01 Assume that salaried employees of Mayer, Inc., earn 2 weeks of vacation per year. The salaried employees earn a total of $160 each pay period. Mayer's first payroll of the year is on January 7. Prepare the January 7 journal entry for Mayer by selecting the account...
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts....
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Maas, Inc., sells washers and dryers that include a maximum one year warranty covering parts. Past experience shows that warranty expense averages about 2 percent of the selling price of each washer and dryer. Net sales totaled $100,000 during the year ending December 31 Prepare the December 31 adjusting entry for...
Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses...
Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $968,000 to be paid during January of the following year. The joumal entry on December 31 to record the bonuses is: Multiple Choice Debit Uneamed Bonuses $968,000, credit Bonus Payable $968,000 Debit Employee Bonus Expense $968,000 credit Bonus Payable $968,000 No entry since the bonuses are not paid until January Debit Estimated Bonus Payable $968,000 credit Cash $968,000 Debit Employee Bonus Expense...
journal Required information Short term notes payable are current liabilities, most bear interest. When a short-te...
journal
Required information Short term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry. On January 30, 2020. Carboy...
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned...
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $42,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $500,000 during the period. Provide the journal entries for (a) the vacation pay and (b) the pension benefit. Provide journal entry for the vacation pay on December 31. JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 Provide journal...
For the year ended December 31, Lopez Company implements an employee bonus program based on company...
For
the year ended December 31, Lopez Company implements an employee
bonus program based on company net income, which the employees
share equally. Lopez’s bonus expense is computed as $47,619.
1$2. Prepare the journal entry at December 31 to record the
bonus due and later January 19 to record payment of the bonus to
employees.
For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus...
journal Required information Short term notes payable are current liabilities, most bear interest. When a short te...
journal
Required information Short term notes payable are current liabilities, most bear interest. When a short term nole's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On September 1, Vicario, Inc, borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering...
please help with the above questions, thank you! Journal entry worksheet On September 15, Jerome, Inc.,...
please help with the above questions, thank you!
Journal entry worksheet On September 15, Jerome, Inc., paid $8,900 to make a long-term investment in available-for-sale securities by purchasing notes of Topper, Inc. Complete the necessary journal entry by selecting the account names from the pull- down menus and entering dollar amounts in the debit and credit columns. Note: Enter debits before credits Date General Journal Debit Credit Sep 15 explanation View general journal Record entry Clear entry Assume that Jerome's...
journal entry Required information When stock is issued, its par or stated value is credited to...
journal entry
Required information When stock is issued, its par or stated value is credited to the stock account and any excess is credited to a separate contributed capital account. If a stock has neither par nor stated value, the entire proceeds are credited to the stock account On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the...
journal
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Knowledge Check 01 As of December 31, Marr, Inc., has accrued benefits to its employees for medical insurance (in the amount of $12,000) and a contribution to a retirement program (at 10 % of the employees' $200,000 gross salary). Prepare the December 31 entry for Marr by selecting the account...
journal
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Knowledge Check 01 Assume that salaried employees of Mayer, Inc., earn 2 weeks of vacation per year. The salaried employees earn a total of $160 each pay period. Mayer's first payroll of the year is on January 7. Prepare the January 7 journal entry for Mayer by selecting the account...
Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Maas, Inc., sells washers and dryers that include a maximum one year warranty covering parts. Past experience shows that warranty expense averages about 2 percent of the selling price of each washer and dryer. Net sales totaled $100,000 during the year ending December 31 Prepare the December 31 adjusting entry for...
Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $968,000 to be paid during January of the following year. The joumal entry on December 31 to record the bonuses is: Multiple Choice Debit Uneamed Bonuses $968,000, credit Bonus Payable $968,000 Debit Employee Bonus Expense $968,000 credit Bonus Payable $968,000 No entry since the bonuses are not paid until January Debit Estimated Bonus Payable $968,000 credit Cash $968,000 Debit Employee Bonus Expense...
journal
Required information Short term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry. On January 30, 2020. Carboy...
For
the year ended December 31, Lopez Company implements an employee
bonus program based on company net income, which the employees
share equally. Lopez’s bonus expense is computed as $47,619.
1$2. Prepare the journal entry at December 31 to record the
bonus due and later January 19 to record payment of the bonus to
employees.
For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus...
journal
Required information Short term notes payable are current liabilities, most bear interest. When a short term nole's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On September 1, Vicario, Inc, borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering...
please help with the above questions, thank you!
Journal entry worksheet On September 15, Jerome, Inc., paid $8,900 to make a long-term investment in available-for-sale securities by purchasing notes of Topper, Inc. Complete the necessary journal entry by selecting the account names from the pull- down menus and entering dollar amounts in the debit and credit columns. Note: Enter debits before credits Date General Journal Debit Credit Sep 15 explanation View general journal Record entry Clear entry Assume that Jerome's...
journal entry
Required information When stock is issued, its par or stated value is credited to the stock account and any excess is credited to a separate contributed capital account. If a stock has neither par nor stated value, the entire proceeds are credited to the stock account On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the...
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