Homework Answers
| Unpaid amount = Salary per day * Number of employees * Days of unpaid salary = 100 * 2 * 2 | 400 |
| Journal entry for this transaction : | ||
| Dr. | Cr. | |
| Salaries expense | 400 | |
| Salaries payable | 400 |
| So, the answer is Option B |
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QUESTION 31 Acompany pays each of twee employees a nd at there of perforatedbyweek that begins...
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...
25) A company pays each of its two office employees each Friday at the rate of...
25) A company pays each of its two office employees each Friday at the rate of $115 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:
a company pays its two office employees each friday at the rate of $100 per day...
a company pays its two office employees each friday at the rate of $100 per day each for a five day week that begins on monday. if the monthly accounting period ends on tuesday and the employees worked both on monday and tuesday the month end adjusting entry ro record the salaries earned but unpaid is
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accu...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $2,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year? 25) A company pays each of its two office employees each Friday at the rate of $115 per day for a five-day week that begins on...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $2,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year? 25) A company pays each of its two office employees each Friday at the rate of $115 per day for a five-day week that begins on...
Crane Company pays salaries of $10,630 every Monday for the preceding 5-day week (Monday through Friday)....
Crane Company pays salaries of $10,630 every Monday for the
preceding 5-day week (Monday through Friday). Assume December 31
falls on a Tuesday, so Crane’s employees have worked 2 days without
being paid at tAssume the company does not use reversing entries.
Prepare the December 31 adjusting entry and the entry on Monday,
January 6, when Crane pays the payroll. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. Record journal entries in the order...
Struggling on these problems. Any help would be greatly appreciated! Krantz Company pays salaries of $15,000...
Struggling on these problems. Any help
would be greatly appreciated!
Krantz Company pays salaries of $15,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantz's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Krantz pays the payroll. (Credit account titles are...
5. The system of preparing financial statements based on recognizing revenues when the cabin when the...
5. The system of preparing financial statements based on recognizing revenues when the cabin when the cash is paid is called: A Accrual basis accounting. C. Revenue recognition accounting. B. Operating cycle accounting. D. Cash basis accounting. 6. The primary difference between deferred and accrued expenses is that deferred expenses have: A Been incurred and accrued expenses have not B. Not been incurred and accrued expenses have been incurred C Been recorded and accrued expenses have not been incurred D....
Whispering Winds Company pays salaries of $10,320 every Monday for the preceding 5-day week (Monday through...
Whispering Winds Company pays salaries of $10,320 every Monday
for the preceding 5-day week (Monday through Friday). Assume
December 31 falls on a Tuesday, so Whispering Winds’s employees
have worked 2 days without being paid at the end of the fiscal
year.
Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Whispering Winds pays the payroll. (Credit account titles are automatically indented when amount is entered. Do...
25) A company pays each of its two office employees each Friday at the rate of $115 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:
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $2,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year? 25) A company pays each of its two office employees each Friday at the rate of $115 per day for a five-day week that begins on...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $2,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year? 25) A company pays each of its two office employees each Friday at the rate of $115 per day for a five-day week that begins on...
Crane Company pays salaries of $10,630 every Monday for the
preceding 5-day week (Monday through Friday). Assume December 31
falls on a Tuesday, so Crane’s employees have worked 2 days without
being paid at tAssume the company does not use reversing entries.
Prepare the December 31 adjusting entry and the entry on Monday,
January 6, when Crane pays the payroll. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. Record journal entries in the order...
Struggling on these problems. Any help
would be greatly appreciated!
Krantz Company pays salaries of $15,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantz's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Krantz pays the payroll. (Credit account titles are...
5. The system of preparing financial statements based on recognizing revenues when the cabin when the cash is paid is called: A Accrual basis accounting. C. Revenue recognition accounting. B. Operating cycle accounting. D. Cash basis accounting. 6. The primary difference between deferred and accrued expenses is that deferred expenses have: A Been incurred and accrued expenses have not B. Not been incurred and accrued expenses have been incurred C Been recorded and accrued expenses have not been incurred D....
Whispering Winds Company pays salaries of $10,320 every Monday
for the preceding 5-day week (Monday through Friday). Assume
December 31 falls on a Tuesday, so Whispering Winds’s employees
have worked 2 days without being paid at the end of the fiscal
year.
Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Whispering Winds pays the payroll. (Credit account titles are automatically indented when amount is entered. Do...
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