Chapter 3 Adjusting journal
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Chapter 3 Textbook Questions
For this assignment, students will use the textbook to write out the adjusting journal entries. The Adjusting Journal Entries are included in Objective 3 of the textbook.
Question #1: Write out the adjusting journal entry for Unearned Revenue. Include the date, account names, and dollar amounts.
Date
Account Names
Debit
Credit
Dec. 31
Unearned Rent
$120
Rent revenue
$120
Rent earned ($360/3 months)
Question #2: Write out the adjusting journal entry for Supplies. Include the date, account names, and dollar amounts.
Date
Account Names
Debit
Credit
Dec. 31
Supplies expense $1240
Supplies
$1240
Supplies used ($2000-$760)
Question #3: Write out the adjusting journal entry for Prepaid Insurance. Include the date, account names, and dollar amounts.
Date
Account Names
Debit
Credit
Dec. 31
Insurance Expense $200
Prepaid Insurance
$200
Insurance Expired ($2400/$12) Question #4: Write out the adjusting journal entry for Depreciation Expense. Include the date, account names,
and dollar amounts.
Date
Account Names
Debit
Credit
Dec.31
Depreciation expense
$50
Accumulated Depreciation-Office Equip.
$50
Depreciation on office equipment ($1800-
$50=$1750)
Question #5: Write out the adjusting journal entry for Wages Expense. Include the date, account names, and dollar amounts.
Date
Account Names
Debit
Credit
Dec.31
Wages Expense
$250
1
Wages Payable
$250
Accrued wages
2
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for
three years.
• Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual
lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate.
. The expected useful life of the asset is nine years, and its fair value is $90,000.
. Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose
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The relevant interest rate at that time was 8%.
Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1)
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Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and
December 31.
The bonds are issued at a price of $3,456,448.
Required:
1. Prepare the January 1 journal entry to record the bonds' issuance.
2(a) For each semiannual period, complete the table below to calculate the cash payment.
2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization.
2(c) For each semiannual period, complete the table below to calculate the bond interest expense.
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Req 1
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Req 3
Req 4
Req 5
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d) Suppose you begin making a monthly payment of $75.00. Fill in the table.
Current
Month
balance
Interest
Рayment
Amount applied to principal
$2750.00
$45.38
$75.00
$29.62
$75.00
3.
$75.00
4.
$75.00
$75.00
$75.00
$75.00
8.
$75.00
9.
$75.00
10
$75.00
$75.00
11
12
$75.00
e) Will you ever be out of debt? Explain.
Calculation:
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On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred
Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following
transactions:
1. February 15 Issue additional shares of common stock, $34,000.
2. Мay
3. August
4. Оctober
5. November 17 Purchase supplies on account, $36,000.
6. December 30 Pay dividends, $3,400.
20 Provide services to customers for cash, $49,000, and on account, $44,000.
31 Pay salaries to employees for work in 2021, $37,000.
1 Purchase rental space for one year, $26,000.
The following information is available on December 31, 2021:
1. Employees are owed an additional $5,400 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $6,400 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.
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On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred
Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following
transactions:
1. February 15 Issue additional shares of common stock, $34,000.
2. Мay
3. August
4. Оctober
5. November 17 Purchase supplies on account, $36,000.
6. December 30 Pay dividends, $3,400.
20 Provide services to customers for cash, $49,000, and on account, $44,000.
31 Pay salaries to employees for work in 2021, $37,000.
1 Purchase rental space for one year, $26,000.
The following information is available on December 31, 2021:
1. Employees are owed an additional $5,400 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $6,400 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.
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[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:
Accounts
Debit
Credit
$ 59,000
25,600
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 2,500
Inventory
Notes Receivable (5%, due in 2 years)
36,600
15,600
Land
158,000
Accounts Payable
15,100
Common Stock
223,000
Retained Earnings
54,200
Totals
$294,800
$294,800
During January 2021, the following transactions occur:
January 1 Purchase equipment for $19,80O. The company estimates a residual value of $1,800 and a six-year service life.
January 4 Pay cash on accounts payable, $9,800.
January 8 Purchase additional inventory on account, $85,900.
January 15 Receive cash on accounts receivable, $22,300.
January 19 Pay cash for salaries, $30,100.
January 28 Pay cash for January utilities, $16,800.
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a. FICA-Social Security Taxes Payable, $3,472; FICA-Medicare Taxes Payable,
$812. (The balances of these accounts represent total liabilities for both the
employer's and employees' FICA taxes for the February payroll only.)
b. Employees' Federal Income Taxes Payable, $7,000 (llability for February only).
c. Federal Unemployment Taxes Payable, $336 (liability for January and February
together).
d. State Unemployment Taxes Payable, $3,024 (lability for January and February
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The company had the following payroll transactions.
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A worksheet can be thought of as a(n)
optional device used by accountants.
permanent accounting record.
part of the journal.
part of the general ledger.
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MC Qu. 4-43 Adjustments help to ensure that all...
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journal entries
cash transactions
closing entries
revenues
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US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
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Exercise 9-12 a-b (Part Levei SubmiSSion)
CES
CALCULATOR
PRINTER VERSION
4 ВАCK
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest excer
ES-
December 31.
Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note.
t
Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note.
Dec. 11
16
Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable.
31
Accrued interest revenue on all notes receivable.
(a)
Your answer is correct.
Journalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is ente
indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g.…
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Bonds Payable
Interest Expense
Cash
Dec. 31 Interest Expense
Interest Payable
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Journalize the entries to record the above selected transactions for the current year. If an amount box does not require an entry, leave it blank.
May 1
Cash
v2.cengagenow.com
Entries for Issuing
Thomson Co. produces and
butes semiconductors for use by computer manufacturers. Thomson issued $270,000 of 25-year, 12% bonds on May 1 of the current
year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
May 1
Issued the bonds for cash at their face amount.
Nov. 1
Paid the interest on the bonds.
Dec. 31
Recorded accrued interest for two months.
270,000
APR
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Complete the following: (Use Table 71)
Date goods are
received
Invoice
June 18
Terms
1/10, n/30
Last day of
discount period
Final day bill is due
(end of credit period)
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Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate:
Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense
1-Dec: Issue common stock in exchange for cash of $6,000.
1-Dec: Paid the premium in advance on a one-year insurance policy, $480.
1-Dec: Purchased Equipment for $3,600 cash.
5-Dec: Purchased office supplies from XYZ Company on account, $400.
15-Dec: Provided services to customers for $5,400 cash.
16-Dec: Provided services to customer ABC Inc. on account, $2,500.
17-Dec: Received $800 cash in advance from a customer for services to be provided in January.
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Learning Objective 2
S9-3 Applying the direct write-off method to account for uncollectibles
S
Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off methoin
account for uncollectible receivables.
At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she eama
revenue of $22,000 on account and collected $15,000 on account. She also wrote off
uncollectible receivables of $1,100 on May 31, 2018.
Requirements
1. Use the direct write-off method to journalize Valley's write-off of the uncollecihe
receivables.
2. What is Valley's balance of Accounts Receivable at May 31, 2018?
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Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for
the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
24
Allowance for Doubtful Accounts
Bad Debt Expense
%24
c. Determine the net realizable value of accounts receivable.
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a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the
portion of credit sales to sales id relatively constant, the…
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Required information
of 2
[The following information applies to the questions displayed below.]
Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal
balances (Nix'lt uses the perpetual inventory system).
Merchandise inventory
Retained earnings
Dividends
Sales
$ 37,800
Sales returns and allowances
Cost of goods sold
Depreciation expense
Salaries expense
Miscellaneous expenses
$ 6,500
105,000
10,300
32,500
5,000
ped
115,300
7,e00
160, 200
4,700
Sales discounts
pok
int
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is
$35,900.
rint
rences
Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for
shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)
In
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Lock
F10
F11
F12
F4
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F7
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F5
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Requirement
No.
General
Journal
No.
Date
July 01
Date
June 30
General
Ledger
Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal
entries by account title. Click on any of the individual amounts to return to the underlying journal entry.
Cash
Debit
Common stock
Debit
Trial Balance
Credit
Credit
000
Schedule of
Receivables
General Ledger Account
Balance
27,000
Balance
1 of 1
Income
Statement
MacBook Air
F6
Merchandise Inventory
Debit
Impact on
Income
Next
F7
Credit
DII
FO
Balance
13,000
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At the end of its annual accounting period, Midi Company estimated its bad debts as 0.67% of its $1,830,000 of credit sales made
during the year. On December 31, Midi made an addition to its Allowance for Doubtful Accounts equal to that amount. On the following
February 1, management decided that the $2,600 account of Catherine Hicks was uncollectible and wrote it off as a bad debt. Four
months later, on June 5, Hicks unexpectedly paid the amount previously written off
Give the journal entries required to record these transactions.
ces
View transaction list
Journal entry worksheet
1 2
Record the entry for estimated bad debts.
Note Ester debits before credits
Date
3
Credit
View general journal
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Journal entry worksheet
1
Record the entry for semiannual interest paid.
Note: Enter debits before credits.
Date
June 30
Record entry
General Journal
Clear entry
Required 1
Debit
Credit
View general journal
Required 2
>
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Estimating Allowance for Doubtful Accounts
Evers Industries has a past history of uncollectible accounts, as follows.
Age Class
Percent Uncollectible
Not past due
1 %
1-30 days past due
31-60 days past due
12
61-90 days past due
30
Over 90 days past due
75
Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the chart below.
Evers Industries
Estimate of Allowance for Doubtful Accounts
Not Past Days Past Days Past Days Past
Days Past
Due 1-30 Due 31-60 Due 61-90 Due Over 90
Balance
Due
Total receivables
1,124,500 607,400 233,000
121,600
96,500
66,000
1%
3%
12%
30%
75%
Percentage uncollectible
Allowance for doubtful accounts
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The general ledger of Zips Storage at January 1, 2024, includes the following account balances:
Accounts
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable!
Deferred Revenue
Common Stock
Retained Earnings
Totals
Debits
$25,500
16,300
13,800
157,000
$212,600
Credits
$7,600
6,700
Pay property taxes, $9,400.
Pay on accounts payable, $12,300.
152,000
46,300
$212,600
The following is a summary of the transactions for the year:
1. January 9
2. February 12
3. April 25
4. May 6
5. July 15
6. September 10
7. October 31
8. November 20
9. December 30
Provide storage services for cash, $143,100, and on account, $56,700.
Collect on accounts receivable, $52,400.
Receive cash in advance from customers, $13,800..
Purchase supplies on account, $11,000.
Pay salaries, $132,600.
Issue shares of common stock in exchange for $36,000 cash.
Pay $3,700 cash dividends to stockholders.
Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800.…
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- rd / My courses/ BAMA1101 / Worksheets Home PraiWotkst äö pio Moving Forward An invoice for OMR 600 dated March 10th with the terms 5/15 EOM is recerved. The bill is paid on April Sth. Find the net payment. ut of Select one: O a. 570 O b. 30 Oc 510 O d. 90 Clear my choice inus nane Type here to searcharrow_forwardCengage Learning * CengageNOWv2 | Online teachin x * Cengage Learning Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Analysis of Receivables Method At the end of the current year, Accounts Receivable has balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. a. Determine the amount of the adjusting entry for uncollectible acfounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Feedback T Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The…arrow_forwardOn January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…arrow_forward
- [The following information applies to the questions displayed below.] Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,456,448. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the…arrow_forwardFile Home Insert Draw Design Layout References Mailings Review View Help Table De Paste Font Paragraph Styles Editing Dictate Editor Undo Clipboard Styles Voice Editor d) Suppose you begin making a monthly payment of $75.00. Fill in the table. Current Month balance Interest Рayment Amount applied to principal $2750.00 $45.38 $75.00 $29.62 $75.00 3. $75.00 4. $75.00 $75.00 $75.00 $75.00 8. $75.00 9. $75.00 10 $75.00 $75.00 11 12 $75.00 e) Will you ever be out of debt? Explain. Calculation: Page 5 of 6 1043 words D Focus 80% Type here to search 立 目arrow_forwardOn January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.arrow_forward
- On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.arrow_forward[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit $ 59,000 25,600 Cash Accounts Receivable Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 Common Stock 223,000 Retained Earnings 54,200 Totals $294,800 $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,80O. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,300. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.…arrow_forwardFrancisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, $3,472; FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable, $7,000 (llability for February only). c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3,024 (lability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $11,284 check is in payment of…arrow_forward
- cam 1 WP NWP Assessment Player UI Application Question 32 of 42 View Policies Current Attempt in Progress A worksheet can be thought of as a(n) optional device used by accountants. permanent accounting record. part of the journal. part of the general ledger. Save for Laterarrow_forwardezto.mheducation.com wkes Learning Home amination I| G Saved Help MC Qu. 4-43 Adjustments help to ensure that all... 28 Adjustments help to ensure that all are recorded in the period in which they are earned. 56 nts Multiple Choice 01:19:19 journal entries cash transactions closing entries revenues Mc Graw Hill Education MacBook DII DD 80 F7 F8 F9 F3 F4 F5 F6 F2 * @ 23 24 4. 7 8 < coarrow_forwardReturn to Blackboard US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 9-12 a-b (Part Levei SubmiSSion) CES CALCULATOR PRINTER VERSION 4 ВАCK Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest excer ES- December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. t Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. Dec. 11 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your answer is correct. Journalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is ente indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g.…arrow_forward
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