1) A company purchased $1,800 of merchandise on November 5. On November 7, it returned $200 worth of merchandise. On November 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on November 8 equals 2) The Doggie company has 10 employees, who earn a total of $2,000 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31, 2018, is a Tuesday, and all 10 employees worked the first two days of that week. Because New Year's Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6, 2019

Q: On December 31, 20--, Sanchez Company needed to record its accrued wages for year-end. If December…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Hugh Morris Company pays weekly wages of $15,000 every Friday for a five day week ending on that…

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

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A: Given information is: Logan’s Roadhouse opened a new restaurant in November. During its first two…

Q: At the beginning of March, Bluebird Company owed $8,000 to its employees. During March, Bluebird…

A: Amount paid to employees during March = Beginning amount payable + amount earned during march -…

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A: Solution: Adjusting entries are those entries which are made to match the revenues and expenses to…

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A: Cash Budget A cash budget provides the idea of cash inflows and outflows of a company for a…

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A: The accrued wages are the wages that are due to be paid but not paid during the period.

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A: Payroll represents the wages paid to the employees of the company. It is posted as salaries expense.

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A: Work in process is the cost of unfinished Goods in the manufacturing process which includes labour ,…

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A: Company pay it employees $2,100 on each Friday Per day pay =$ 420 per day for five days  Required…

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A: Total Manager salary accrued = daily salary x 2 days = 1000 x 2 = P2,000 Sales staff salary accrued…

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A: Journal Entry:   It is a systematic record of a financial transaction of an organization recorded in…

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A: Transaction General Journal Debit Credit 1 Cash $1,750             Unearned Sales revenue…

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A: The calculations of different components of payrolls are

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A:

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A: Cash paid to suppliers = Total invoice value of purchases - Cash discount received

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A: The company uses journal entries to record the transactions primarily in the books of account.

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A: Answer: Option b

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A: Employee's Payroll: It is the amount for which an employee contributes or works for a company.…

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A:

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A: Accrued Wages Expense on October 31 = No. of days x Wages per day = 3 days x $5000 = $15,000

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A: Part 1:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.