Homework Answers
Ans )As per accrual principal Expenses are recorded at the time of incurred even though it is not paid.
At the year end Company passed the following entry:
Salaries Expenses $16000 ----------------- Correct Answer
To Salaries Payable $16000
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A company owes employee salaries of $16,000 at the end of the year. These salaries will...
A company owes employee salaries of $5,000 on December 31 for work completed in the current...
A company owes employee salaries of $5,000 on December 31 for work completed in the current year, but the company doesn't plan to pay those salaries until the following year. What adjusting entry, if any, is needed on December 317 Multiple Choice Debt Salaries Payable for $5,000, Credit Salaries Expense for $5,000. No adjusting entry is needed. Debit Salaries Payable for $5,000 Credit Cash for 55.000 Debit Salaries Expense for $5,000; Credit Solaris Payable for $5,000,
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
The correct adjusting entry for accrued and unpaid employee salaries of $9,900 on December 31 is:...
The correct adjusting entry for accrued and unpaid employee salaries of $9,900 on December 31 is: Multiple Choice points 8 01:51:50 O Debit Salary Expense, $9,900; credit Salaries Payable, $9,900. O Debit Salary Expense, $9,900; credit Fees Earned, $9,900. O Debit Salary Expense, $9,900; credit Cash, $9,900. O Debit Salaries Payable, $9,900; credit Salary Expense, $9,900. O Debit Salary Expense, $9,900; credit Prepaid Salary, $9,900.
.36 Seved Help Save & Exit Submit Balais Payable At year-end salaries expense of $20.500 has...
.36 Seved Help Save & Exit Submit Balais Payable At year-end salaries expense of $20.500 has been incurred by the company but is not yet par Salar 20,5 Step 1: Determine what the current account balance equals. Debitor Credit? 20,500 Debit or Credit? 20.500 Credit $ Step 2: Determine what the current account balance should equal. I $ Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Salaries expense ſ...
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...
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill...
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill within 30 days of receipt. On December 31, 2021, the company receives a utility bill of $4,200 for the month of December and plans to pay the bill by January 30, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice ) Debit Utilities Expense and credit Cash for $4,200 O Debit Utilities Expense...
A company owes its employees $5,000 for the year ended December 31. It will pay employees...
A company owes its employees $5,000 for the year ended December 31. It will pay employees on January 6 for the previous two weeks’ salaries. the year-end adjusting on entry on December 31 will include a debit to Salaries Expense and a credit to Cash. True or False
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during...
Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The ending retained earnings balance after closing is: Multiple Choice $378,300 $360,300 $81,300 $185,000 $63,300 On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year...
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned...
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $13,600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Multiple Choice Debit Salaries payable $13,600, credit Salaries expense $13,600 ) 0 Debit Salaries expense $13,600; credit Salaries payable $13,600, 0 0 Debit Salaries payable $20,400; credit Cash...
A company owes employee salaries of $5,000 on December 31 for work completed in the current year, but the company doesn't plan to pay those salaries until the following year. What adjusting entry, if any, is needed on December 317 Multiple Choice Debt Salaries Payable for $5,000, Credit Salaries Expense for $5,000. No adjusting entry is needed. Debit Salaries Payable for $5,000 Credit Cash for 55.000 Debit Salaries Expense for $5,000; Credit Solaris Payable for $5,000,
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
The correct adjusting entry for accrued and unpaid employee salaries of $9,900 on December 31 is: Multiple Choice points 8 01:51:50 O Debit Salary Expense, $9,900; credit Salaries Payable, $9,900. O Debit Salary Expense, $9,900; credit Fees Earned, $9,900. O Debit Salary Expense, $9,900; credit Cash, $9,900. O Debit Salaries Payable, $9,900; credit Salary Expense, $9,900. O Debit Salary Expense, $9,900; credit Prepaid Salary, $9,900.
.36 Seved Help Save & Exit Submit Balais Payable At year-end salaries expense of $20.500 has been incurred by the company but is not yet par Salar 20,5 Step 1: Determine what the current account balance equals. Debitor Credit? 20,500 Debit or Credit? 20.500 Credit $ Step 2: Determine what the current account balance should equal. I $ Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Salaries expense ſ...
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...
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill within 30 days of receipt. On December 31, 2021, the company receives a utility bill of $4,200 for the month of December and plans to pay the bill by January 30, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice ) Debit Utilities Expense and credit Cash for $4,200 O Debit Utilities Expense...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $13,600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Multiple Choice Debit Salaries payable $13,600, credit Salaries expense $13,600 ) 0 Debit Salaries expense $13,600; credit Salaries payable $13,600, 0 0 Debit Salaries payable $20,400; credit Cash...
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