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) | |||
Question 3 The total weekly payroll for Classic Auto Repairs Ltd. is $8,000 ($1,600perday). The payroll...
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 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 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 $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 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 $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 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 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 $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 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...