A company owes its employees $5,000 for the year ended December 31. It will pay employees...
Homework Answers
False.
The year end adjusting entry will be :
| dec 31 | Salaries expense | $5,000 | |
| .............To Salaries payable | 5,000 | ||
cash will not be credited on december 31.
It will be credited on jan 6 upon actual payment.
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company owes its employees $5,000 for the year ended December 31.
It will pay employees...
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,
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 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 $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
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...
Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31...
Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks, On December 31, 2018, Norton accrued $4,700 of salaries payable. On January 7, 2019, the company paid salaries of $12,000 cash to employees. Prepare journal entries to: (a) Accrue the salaries payable on December 31: General Journal Description Debit Credit Dec. 31 Salaries Payable 4700 Cash 0 4700...
A company owes employee salaries of $16,000 at the end of the year. These salaries will...
A company owes employee salaries of $16,000 at the end of the year. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? Multiple Choice O Debit Salaries Expense and credit Cash for $16,000. Debit Salaries Expense and credit Salaries Payable for $15,000. Debit Salaries Payable and credit Salaries Expense for $16,000. O O No adjusting entry is necessary at the end of the...
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...
4) The employees of Able Company have worked the last two weeks of Year 1, but...
4) The employees of Able Company have worked the last two weeks of Year 1, but the employees salaries have not been paid or recorded as of December 31, Year 1. The adjusting entry that Able should make to accrue these unpaid salaries on December 31, Year I is: Ardebit to Salaries Expense and credit to Salaries Payable. B) no entry is required until the employee is paid next period. C) debit to Salaries Payable and credit to Salaries Expense....
Qualpoint provides its employees two weeks of paid vacation per year. As of December 31, 65...
Qualpoint provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $1,140, what is the required journal entry? Debit Salaries and Wages Payable for $147,600 and credit Salaries and Wages Expense for $147,600. Debit Salaries and Wages Expense for $74,100 and credit Salaries and Wages Payable for $74,100. ...
Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31...
Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31, 2015, Norton accrued $940 of salaries payable. On January 7, 2016, the company paid salaries of $2,400 cash to employees. Prepare journal entries to: (a) Accrue the salaries payable on December 31: General Journal Description Debit Credit Dec. 31 Salaries ExpenseSalaries PayableCashRetained Earnings Salaries PayableSalaries...
For the year ended December 31, Lopez Company implements an employee bonus program based on company...
For
the year ended December 31, Lopez Company implements an employee
bonus program based on company net income, which the employees
share equally. Lopez’s bonus expense is computed as $47,619.
1$2. Prepare the journal entry at December 31 to record the
bonus due and later January 19 to record payment of the bonus to
employees.
For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus...
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,
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 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 $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
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...
Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks, On December 31, 2018, Norton accrued $4,700 of salaries payable. On January 7, 2019, the company paid salaries of $12,000 cash to employees. Prepare journal entries to: (a) Accrue the salaries payable on December 31: General Journal Description Debit Credit Dec. 31 Salaries Payable 4700 Cash 0 4700...
A company owes employee salaries of $16,000 at the end of the year. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? Multiple Choice O Debit Salaries Expense and credit Cash for $16,000. Debit Salaries Expense and credit Salaries Payable for $15,000. Debit Salaries Payable and credit Salaries Expense for $16,000. O O No adjusting entry is necessary at the end of the...
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...
4) The employees of Able Company have worked the last two weeks of Year 1, but the employees salaries have not been paid or recorded as of December 31, Year 1. The adjusting entry that Able should make to accrue these unpaid salaries on December 31, Year I is: Ardebit to Salaries Expense and credit to Salaries Payable. B) no entry is required until the employee is paid next period. C) debit to Salaries Payable and credit to Salaries Expense....
For
the year ended December 31, Lopez Company implements an employee
bonus program based on company net income, which the employees
share equally. Lopez’s bonus expense is computed as $47,619.
1$2. Prepare the journal entry at December 31 to record the
bonus due and later January 19 to record payment of the bonus to
employees.
For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus...
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