Wages of $13,000 are earned by workers but not paid as of December 31. Depreciation on...

Wages of $13,000 are earned by workers but not paid as of December 31. Depreciation on the company’s equipment for the year is $11,560. The Office Supplies account had a $450 debit balance at the beginning of December. During December, $4,967 of office supplies are purchased. A physical count of supplies at December 31 shows $547 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of insurance policies shows that $3,000 of unexpired insurance benefits remain at December 31. The company has earned (but not recorded) $900 of interest from investments in CDs for the year ended December 31. The interest revenue will be received ten days after the year-end on January 10. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31.

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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...

Wages of $9,000 are earned by workers but not paid as of December 31. Depreciation on...

Wages of $9,000 are earned by workers but not paid as of December 31. Depreciation on the company’s equipment for the year is $10,840. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,096 of supplies are purchased. A physical count of supplies at December 31 shows $660 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that...

Wages of $8,000 are earned by workers but not paid as of December 31, 2017. Depreciation...

Wages of $8,000 are earned by workers but not paid as of December 31, 2017. Depreciation on the company’s equipment for 2017 is $18,000. The Office Supplies account had a $240 debit balance on December 31, 2016. During 2017, $5,200 of office supplies are purchased. A physical count of supplies at December 31, 2017, shows $440 of supplies available. The Prepaid Insurance account had a $4,000 balance on December 31, 2016. An analysis of insurance policies shows that $1,200 of...

a. Wages of $10,000 are earned by workers but not paid as of December 31, 2017....

a. Wages of $10,000 are earned by workers but not paid as of December 31, 2017. b. Depreciation on the company’s equipment for 2017 is $10,960. c. The Office Supplies account had a $330 debit balance on December 31, 2016. During 2017, $4,656 of office supplies are purchased. A physical count of supplies at December 31, 2017, shows $516 of supplies available. d. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies...

Look Builders pays its workers every two weeks. As of December 31 of Year 1, workers have earned wages of $9,000 for which they have not yet been paid

Look Builders pays its workers every two weeks. As of December 31 of Year 1, workers have earned wages of $9,000 for which they have not yet been paid; they will not be paid these wages until January of next year. The correct adjusting entry was made on December 31. On January 5 of Year 2, Look Builders paid total wages to the employees of $13,000. Of the $13,000 paid, $9,000 related to work performed last year.Which one of the...

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...

Acheron Industries’ fiscal year ends on December 31st. Wages earned from Dec 1 – Dec 31, 2024 totaled $836,000

Question 3 Acheron Industries’ fiscal year ends on December 31st. Wages earned from Dec 1 – Dec 31, 2024 totaled $836,000. Wages of $35,000 that were earned between December 15th and December 31st will not be paid until after the first of the year. Record the journal entry on December 31, 2024. Question 4 On October 1, 2024, Tasmanian Traders was paid $217,000 cash for 700 hours of service to be completed within the next 9 months. On December...

Because the monopsonist takes into account the effect that employment expansion has on wages paid to existing workers, it will:

Because the monopsonist takes into account the effect that employment expansion has on wages paid to existing workers, it will:A.Pay union workers more than nonunion workersB.Be exempt from minimum wage lawsC.Employ more and pay more than the corresponding values under competitionD.Employ less and pay less than the corresponding values under competition

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...

Hilton Ventures Ltd. had the following transactions: Oct. 31 Recorded wages earned by the employees during...

Hilton Ventures Ltd. had the following transactions: Oct. 31 Recorded wages earned by the employees during the month, which amounted to $59,000. The source deductions on these wages were CPP of $2,921, EI of $965, and income taxes of $8,850. Nov. 2 Paid the wages recorded on October 31. Nov. 15 Made the remittance to the government related to the October 31 payroll. A) Determine the amount of the employees’ net wages. B) Prepare the journal entries necessary to record...

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