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19. A company with a 5-day workweek pays employees on Friday. Its account- ing period ends...
Section 3-ACCRUED EXPENSES (ACCRUED LIABILITIES) Your company has a 5-day workweek with a weekly payroll of...
Section 3-ACCRUED EXPENSES (ACCRUED LIABILITIES) Your company has a 5-day workweek with a weekly payroll of $20,000 distributed each Friday. If an accounting period ends on a Tuesday, the adjusting journal entry is: a Salary Expense 4,000 Salary Payable b. Salary Expense 8,000 Salary Payable 8,000 c. Accrued Salary 8,000 Salary Payable 8,000 d. Deferred Salary 4,000 Salary Payable 4,000 4,000 2. If a company receives a December electric bill for $1,000 and decides to pay it in January a....
Jones Company as a five day workweek (Monday through Friday). Employees earn $1,000 each workweek. a)...
Jones Company as a five day workweek (Monday through Friday). Employees earn $1,000 each workweek. a) If the month of September ends on Wednesday and wages will not be paid until Friday, how much wage expense should be accrued (and recorded as expense) in September? b) What is the effect on the accounting equation on September 30?
The CIATS Company pays all salaried employees on a Monday for the 5-day workweek ended the...
The CIATS Company pays all salaried employees on a Monday for the 5-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, Year 2018, was for the week ended December 25, 2018. The payroll for the week ended January 1Year 2019, included regular weekly salaries of $80,000 and compensated future absences of $ 25,000 for paid time earned in Year 18 not taken by December 31, 2018. CIATS had accrued a liability of compensated...
23. With accrued expenses, cash payment follows recording the expense. a. True b. False 24. What...
23. With accrued expenses, cash payment follows recording the expense. a. True b. False 24. What type of account is Deferred Commissions? b. asset c. liability d. revenue a. expense 25. Your company pays expenses of $50,000 during the year and accrues ex- of $5,000 at year end. What are your company's total expenses for penses the year? d. $5,000 c. $45,000 b. $50,000 a. $55,000
Every Friday, Neil pays weekly wages of $15,000 to his workers for a five-day week which...
Every Friday, Neil pays weekly wages of $15,000 to his workers for a five-day week which ends on that day. Assuming that the fiscal period ends on a Tuesday, the adjusting entry for accrual of wages recorded by Neil is: Select one: a. debit to Wages Expense for $10,000, credit to Drawing for $10,000. b. debit to Wages Expense for $6,000, credit to Wages Payable for $6,000. c. debit to Drawing for $6,000, credit to Wages Payable for $6,000. d....
on a trial balance there is Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL...
on a trial balance there is
Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL ERRORS 1. If you accrue expenses of $130 instead of S1 So, the financial statements will overstate assets and understate expenses b. understate prepaid expenses c. understate both liabilities and expenses d. overstate liabilities 2. On November 1, 20X4, ComCo debits Cash and credits Notes Payable for $20,000 for note maturing May 1, 20X5. At that time, ComCo must repay the entire $20,000 plus...
133. A business pays bi-weekly salaries of $20.000 every other Friday for a ten-day period ending...
133. A business pays bi-weekly salaries of $20.000 every other Friday for a ten-day period ending on that day. The adjusting entry necessary at the end of the fiscal period ending ok the second Wednesday of the pay period, includes a 20000t 10 - 200 a. debit to Salary Expense of $8,000. c. credit to Salary Expense of $16,000 b. debit to Salaries Payable of $8,000 d. credit to Salaries Payable of $16,000 134. A business pays bi-weekly salaries of...
A company pays each of its two office employees each Friday at the rate of $140 per day for a five-day week that begins on Monday.
A company pays each of its two office employees each Friday at the rate of $140 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Multiple Choice Debit Salaries Payable $560 and credit Salaries Expense $560. Debit Salaries Expense $560 and credit Salaries Payable $560. Debit Salaries Expense $840 and credit Salaries Payable $840 Debit...
QUESTION 33 Emory Co. operates five days per week with a daily payroll of $4,000. Employees...
QUESTION 33 Emory Co. operates five days per week with a daily payroll of $4,000. Employees are paid every Saturday for the workweek just completed (Monday through Friday). The last day of the month is Wednesday, March 31. What is the effect of the correct adjustment at March 31? a. Increases Stockholders' Equity and Wages Payable by $8,000 O b. Increases Wages Payable and increases Wages Expense by $8,000 c. Increases Wages Payable and decreases Cash by $12,000 d. Decreases...
5. Company C has two office employees who earn $100 a day each and are paid...
5. Company C has two office employees who earn $100 a day each and are paid on Friday for a five-day workweek that begins on Monday. If December 31 fell on Tuesday, and the two employees worked both on Monday and on Tuesday, what is the amount of accrued salary expense at December 31 for the two employees? A. 200 B. 300 C. 600 D. 400 E. None of the above 6. For Company D, the balance in office supplies...
Section 3-ACCRUED EXPENSES (ACCRUED LIABILITIES) Your company has a 5-day workweek with a weekly payroll of $20,000 distributed each Friday. If an accounting period ends on a Tuesday, the adjusting journal entry is: a Salary Expense 4,000 Salary Payable b. Salary Expense 8,000 Salary Payable 8,000 c. Accrued Salary 8,000 Salary Payable 8,000 d. Deferred Salary 4,000 Salary Payable 4,000 4,000 2. If a company receives a December electric bill for $1,000 and decides to pay it in January a....
23. With accrued expenses, cash payment follows recording the expense. a. True b. False 24. What type of account is Deferred Commissions? b. asset c. liability d. revenue a. expense 25. Your company pays expenses of $50,000 during the year and accrues ex- of $5,000 at year end. What are your company's total expenses for penses the year? d. $5,000 c. $45,000 b. $50,000 a. $55,000
on a trial balance there is
Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL ERRORS 1. If you accrue expenses of $130 instead of S1 So, the financial statements will overstate assets and understate expenses b. understate prepaid expenses c. understate both liabilities and expenses d. overstate liabilities 2. On November 1, 20X4, ComCo debits Cash and credits Notes Payable for $20,000 for note maturing May 1, 20X5. At that time, ComCo must repay the entire $20,000 plus...
133. A business pays bi-weekly salaries of $20.000 every other Friday for a ten-day period ending on that day. The adjusting entry necessary at the end of the fiscal period ending ok the second Wednesday of the pay period, includes a 20000t 10 - 200 a. debit to Salary Expense of $8,000. c. credit to Salary Expense of $16,000 b. debit to Salaries Payable of $8,000 d. credit to Salaries Payable of $16,000 134. A business pays bi-weekly salaries of...
QUESTION 33 Emory Co. operates five days per week with a daily payroll of $4,000. Employees are paid every Saturday for the workweek just completed (Monday through Friday). The last day of the month is Wednesday, March 31. What is the effect of the correct adjustment at March 31? a. Increases Stockholders' Equity and Wages Payable by $8,000 O b. Increases Wages Payable and increases Wages Expense by $8,000 c. Increases Wages Payable and decreases Cash by $12,000 d. Decreases...
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