Question

Question 3 The total weekly payroll for Classic Auto Repairs Ltd. is $8,000 ($1,600perday). The payroll is paid every Saturday for employee salaries earned during the same five-day workweek (Monday through Friday, inclusive). Salaries were last paid on Saturday, October 27. This year the companys year end, October 31, falls on a wednesday. Salaries will be paid next on Saturday, November3 Prepare the journal entry for payment of the salaries on October 27. (Credit account titles are automatically intended when the amount is entered. Do not indent manualy, If no entry is required, select No Entry for the account titles and enter o forti Date Account Titles and Explanation Debit Credit Oct.27 LINK TO TEXT Prepare the journal entry far for the amounts.) adjustment t acr salarics at ctober 31. (Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select No Entry for the account titles and ente amounts.j intry for the Date Account Titles and Explanation Debit Oct. 31

Prepare the jounal entry for payment of the salarles on November 3. (Credit account titles are automaticoly Intended when the amount is entered, Do not Indent manually. If no entry is required, select No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Nov 3

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Journal entry

Date account and explanation debit credit
Oct 27 Salaries expense 8000
Cash 8000
(To record salaries paid)
Oct 31 Salaries expense (1600*3) 4800
Salaries payable 4800
(To record accrued expense)
Nov 3 Salaries payable 4800
Salaries expense (1600*2) 3200
Cash 8000
(To record salaries paid)
Add a comment
Know the answer?
Add Answer to:
Question 3 The total weekly payroll for Classic Auto Repairs Ltd. is $8,000 ($1,600perday). The payroll...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Pearl Industries had a total bi-weekly payroll of $27,200. The entire payroll was subject to CPP...

    Pearl Industries had a total bi-weekly payroll of $27,200. The entire payroll was subject to CPP (4.95%), EI (1.66%), and income tax withholdings of $3,590. Union dues of $340 were also withheld. Prepare the journal entries on Pearl’s books to record the wages and salaries paid and the employee payroll deductions. (Round answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select...

  • Question 3 At December 31, 2020, Lawton & Border Inc. is involved in a lawsuit. Under...

    Question 3 At December 31, 2020, Lawton & Border Inc. is involved in a lawsuit. Under existing standards in IAS 37, prepare the December 31 entry assuming it is probable (and very likely) that Lawton & Border will be liable for $700,000 as a result of this suit. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the...

  • On August 1. Shamrock Finance Inc. buys 3.200 Datawave common shares for trading purposes for $121.600 cash On Oct...

    On August 1. Shamrock Finance Inc. buys 3.200 Datawave common shares for trading purposes for $121.600 cash On October 15. Shamrock receives a cash dividend of $2.85 per share from Datawave. On December 1. Shamrock sells the shares for $131.200 cash. Prepare the journal entry to record the purchase of the shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually If no entry is required, select "No Entry for the account titles and...

  • Skysong Corporation's weekly payroll of $36,000 included FICA taxes withheld of $2,754, federal taxes withheld of...

    Skysong Corporation's weekly payroll of $36,000 included FICA taxes withheld of $2,754, federal taxes withheld of $2,900, state taxes withheld of $900, and insurance premiums withheld of $220. Prepare the journal entry to record Skysong's payroll. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Salaries and Wages Expense 36000 FICA...

  • The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of...

    The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of which $122,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $399,000. Income taxes in the amount of $73,400 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Tamarisk Company is allowed a credit of 2.3 % by the...

  • Indigo Corporation’s weekly payroll of $32,000 included FICA taxes withheld of $2,448, federal taxes withheld of...

    Indigo Corporation’s weekly payroll of $32,000 included FICA taxes withheld of $2,448, federal taxes withheld of $3,060, state taxes withheld of $990, and insurance premiums withheld of $230. Prepare the journal entry to record Indigo’s payroll. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

  • On October 1, Bramble Ltd. purchased 7% bonds with a face value of $1,000 for trading...

    On October 1, Bramble Ltd. purchased 7% bonds with a face value of $1,000 for trading purposes, accounting for the investment at FV-NI. The bonds were priced at 1.020 to yield Bramble 3%, and pay interest annually each October 1. Bramble has a December 31 year end, and at this date, the bonds' fair value was $1,055. Assume Bramble applies IFRS and follows a policy of not reporting interest income separately from other investment income. Prepare Bramble's journal entry for...

  • During the month of March, Sheridan Company's employees earned wages of $84,000. Withholdings related to these...

    During the month of March, Sheridan Company's employees earned wages of $84,000. Withholdings related to these wages were $6.126 for FICA, $10,080 for federal income tax, $4,200 for state income tax, and $504 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $840 for state unemployment Prepare the necessary March 31 Journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will...

  • Culver Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal taxes withheld of...

    Culver Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal taxes withheld of $2,930, state taxes withheld of $840, and insurance premiums withheld of $250. Prepare the journal entry to record Culver’s payroll. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Brief Exercise 13-6 Your answer is partially correct. Try again. Culver Corporation's...

  • Need help for B Question 5 Crane Well Services Ltd. purchased equipment for $910,000 on September...

    Need help for B Question 5 Crane Well Services Ltd. purchased equipment for $910,000 on September 30, 2017. The equipment was purchased with a $127,000 cash down payment and through the issue of a $783,000, 5-year, 3.1% mortgage note payable for the balance. The terms provide for the mortgage to be repaid in monthly blended payments of $14,104 starting on October 31. (a) Your answer is correct. Record the issue of the note payable on September 30. (Credit account titles...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT