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In: Accounting
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000...
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
a. debit salaries expense $12000; debit salaries payable $18000; credit cash $30000
b. debit salaries expense $30000; credit cash $30000
c. debits salaries payable $30000; credit cash $30000
d. debit salaries expense $18000; debit salaries payable $12000; credit cash $30000
e. debit salaries expense $18000; credit cash $18000
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Grant’s Graphics has a December 31 year end. Grant’s Graphics records adjusting entries on an annual...
Grant’s Graphics has a December 31 year end. Grant’s Graphics
records adjusting entries on an annual basis.
Prepare the adjusting journal entries based on the following
information. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
1.
At the end of the year, the unadjusted balance in the Prepaid
Insurance account was $3,430. Based on an analysis...
Prepare adjusting entries for the following items on December 31, the end of the fiscal year...
Prepare adjusting entries for the following items on December
31, the end of the fiscal year for Carson Carpets. The company
initially records cash received in advance of performing the
service as a liability, and prepaid expenses as current assets.
a) Amortization on equipment, $2,500
b) Services performed but unbilled, $3,500
c) Salaries owed to employees at year end, $2,500
d) Unearned service revenue earned, $5,500
e) Supplies used during the year, $3,200
Adjusting Journal Entries (AJE’s): 1. Wages earned by employees during December (’17) and to be paid...
Adjusting Journal Entries (AJE’s):
1. Wages earned by employees during December (’17) and to be
paid in January (’18) are $35,875; associated payroll taxes on
these wages are $2,910. (Record in two separate adjusting entries.
The payroll taxes are an expense to the company for unemployment
benefits and recorded as a payable to the state & federal
taxing authority.)
2. The Unearned Consulting Revenue account has a balance of
$261,220 as of December 31, 2017. On May 1,2017 a client...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito’s Pizza Parlor...
The information necessary for preparing the December 31, 2021
year-end adjusting entries for Vito’s Pizza Parlor appears below.
Vito’s fiscal year-end is December 31.
On July 1, 2021, purchased $17,000 of IBM Corporation bonds at
face value. The bonds pay interest twice a year on January 1 and
July 1. The annual interest rate is 10%.
Vito’s depreciable equipment has a cost of $6,400, a four-year
life, and no salvage value. The equipment was purchased in 2019.
The straight-line depreciation...
At the end of its fiscal year, Teal Mountain Consulting had the following adjusting entries. GENERAL...
At the end of its fiscal year, Teal Mountain Consulting had the
following adjusting entries.
GENERAL JOURNAL
J1
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Interest Receivable
630
Interest Revenue
630
31
Supplies Expense
1,730
Supplies
1,730
31
Insurance Expense
1,310
Prepaid Insurance
1,310
31
Depreciation Expense
1,200
Accumulated
Depreciation—Equipment
1,200
31
Salaries Expense
1,150
Salaries Payable
1,150
31
Interest Expense
75
Interest Payable
75
Prepare the reversing entries that could be recorded at the
beginning of the...
Wages of $12,000 are earned by workers but not paid as of December 31. Depreciation on...
Wages of $12,000 are earned by workers but not paid as of
December 31.
Depreciation on the company’s equipment for the year is
$10,240.
The Office Supplies account had a $330 debit balance at the
beginning of the year. During the year, $4,879 of office supplies
are purchased. A physical count of supplies at December 31 shows
$538 of supplies available.
The Prepaid Insurance account had a $5,000 balance at the
beginning of the year. An analysis of insurance policies...
Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2018, the end...
Prepare the Adjusting Journal Entries (AJEs) that should be
made on December 31, 2018, the end of the accounting year, for each
of the following independent situations. If no AJE is required,
indicate “none.” Assume the firm only makes AJEs at the end
of the accounting year.
On March 31, 2018, the firm collected $12,000 of rent for 12
months in advance. The journal entry to record the receipt included
a credit to a temporary account.
Revenue
(3*1,000) 3,000
Unearned 3,000
On...
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