Assume that Best Buy made a December 31 adjusting entry to debit Salaries and Wages Expense and credit Salaries and Wages Payable for $4,200 for one of its departments. On January 2, Best Buy paid the weekly payroll of $7,000. Prepare Best Buy’s (a) January 1 reversing entry; (b) January 2 entry (assuming the reversing entry was prepared); and (c) January 2 entry (assuming the reversing entry was not prepared).

Q: SQU Company paid the weekly payroll on January 2 by debiting Wages Expense for $27,000. The…

A: Journal: Journal is the method of recording monetary business transactions in chronological order.…

Q: A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day.…

A: An adjusting journal entry is a section in an organization's overall record that happens toward the…

Q: 1) LaughtonLandscaping has collected the following data for the December 31 adjusting entries: a.…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: On November 19, Nicholson Company receives a $15,000, 60-day, 8% note from a customer as payment on…

A: Adjusting entries are made for all the expenses and revenues for a period in which they incurred.…

Q: Bloom's Company pays biweekly salaries of $40,000 every other Friday for a 10-day period ending on…

A: Salaries expense for 10 days = $40,000 Salaries payable for 4 days of December (Dec 28 and Dec 31) =…

Q: Buster Industries pays weekly salaries of $39,350 on Friday for a five-day week ending on that day.…

A:

Q: Ski Master Company pays weekly salaries of $4,300 on Friday for a five-day week ending on that day.…

A: Salary for 5 days = $4,300 Salary per day = $4,300 / 5 = $860

Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A: Required journal entries:

Q: A business pays weekly salaries of 20,000 on Friday for a five-day week ending on that day.  The…

A: Per day salary = Total salary / Number of days salary  Total Salary = 20000 Number of days salary =…

Q: Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day.…

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

Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A:

Q: Due to payroll cut-off, the services of the employees from December 21 to 31, 2012 amounting to Php…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: Prior to adjustment at April 30, the end of the current fiscal year, Salary Expense has a debit…

A: Adjusting entry means where some adjustment need to be made at the end of specified period for…

Q: Assume that a company’s fiscal year ends on December 31. Which of the following events involves an…

A: Adjusting Entries: Adjusting entries are accounting journal entries made after a trial balance is…

Q: Assume that the weekly payroll of In the Woods Camping Supplies is $300. December 31, end of the…

A: Expenses upto Tuesday i.e 2 days = Total expense * 2 days /5 days = $300*2/5 = $120

Q: Buster Industries pays weekly salaries of $49,000 on Friday for a five-day week ending on that day.…

A: Salaries for 5 days = $49,000 Days worked till Tuesday = 2 days   So the salaries are payable for 2…

Q: For each of the following separate situations, determine the amount of expense each company should…

A: The adjusted journal entries are passed for the month ended, quarter ended or year ended. According…

Q: Zuhoor Muscat Company pays a total of RO 21,000 salaries to its employees on the 25th of each month…

A: According to the accrual concept, expenses are incomes that are incurred have to be recorded in the…

Q: Recording in the Accounting System Fulton Design pays employees on Friday of each five-day work…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Zuhoor Muscat Company pays a total of RO 21,600 salaries to its employees on the 23rd of each month…

A: As pet matching principle, all revenues and expenses of business for the particular period should be…

Q: A business pays weekly salaries of $11,420 on Monday for the preceding five-day week ending on…

A: Journal entries record the transactions of the business in its accounting books. Transactions having…

Q: Websavvy has a 5-day work week and pays weekly wages in the amount of $1,750. If December 31 falls…

A: Web-savvy has the 5 working days of the week and it pays weekly $ 1750 and the current accounting…

Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A: 1. Date Account Titles and Explanation Debit Credit  June 30 Salaries and wages…

Q: On July 1. a dient paid an advance payment (retainer) of $6,500 to cover future legal services.…

A: There are a number of methods on revenue recognition of service contracts like completed contract…

Q: On December 31, Year 1, a company signed a one-year contract to provide services to a particular…

A: Accrual basis: It is one of the methods of basis of accounting that records the transactions basing…

Q: The Jamesway Corporation had the following situations on December 2021. On December 10, 2021,…

A: Adjusting entries are the entries recorded at the end of an accounting year to record any expenses…

Q: On the basis of the following data, (a) journalize the adjusting entries at June 30, the end of the…

A: Calculate the amount of accrued salaries:

Q: Buster Industries pays weekly salaries of $29,000 on Friday for a five-day week ending on that day.…

A: Salaries for 5 day = $29,000 Monday to Tuesday = 2 days Salaries accrued on Tuesday = Total salaries…

Q: A business pays weekly salaries of P200,000 on Friday for five-day week ending on that day. If  the…

A: 5 days salaries expense = P200,000   Monday to Wednesday = 3 days 3 days salaries expense =…

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

A: Note: 1) Accrued wages is calculated on gross pay of 32,650 but not on net pay of $ 21330 2) Accrued…

Q: A business pays biweekly salaries of $20,000 every other Friday for a 10-day period ending on that…

A: Adjusting entry on december 31: Date Account Titles Debit Credit December 31 Salary Expense…

Q: The adjusting entry necessary at the end of the fiscal period ending on the second Wednesday of the…

A: It is said that it is paid every other Friday with 10 day period. Therefore, 2 weeks from Monday to…

Q: On the basis of the following data, (a) journalize the adjusting entries at December 31, the end of…

A: Calculate the amount of accrued salaries:

Q: Employees at Sheffield Corp. are paid $15900 cash every Friday for working Monday through Friday.…

A: As per the accrual concept of Accounting, 3 days salaries expense i.e. must get recorded on Dec 31…

Q: Buster Industries pays weekly salaries of $42,250 on Friday for a five-day week ending on that day.…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: Coronado Candies paid employee wages on and through Friday, January 26, and the next payroll will be…

A: >Adjusting entries are recorded, as part of completion of accounting cycle. >These are…

Q: April 1, Garcia Publishing Company received $19,980 from Otisco, Inc. for 36-month subscriptions to…

A: Solution: Amount received in advance is unearned fees which needs to be adjusted at year end to…

Q: A business pays biweekly salaries of $20,000 every other Friday for a ten-day period ending on that…

A: Salary per day = $20,000 / 10 days = $2,000 per day Accrued salary expense on December 31 = $2,000…

Q: At the end of April, Hernandez Company had a balance of $35,070 in the vacation benefits payable…

A: Calculate unused vacation benefits: Unused vacation benefits = Vacation benefits payable end of…

Q: A review of the ledger of Blue Spruce Co. at December 31, 2022, produces the following data…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: X Company, a merchandiser, prepares monthly financial statements. On June 30, its accountant made…

A: The adjusting journal entries are prepared either at the month end or at the year end in order to…

Q: Garcia Realty Co. pays weekly salaries of $17,250 on Friday for a five-day workweek ending on that…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Employees of the Deco House were paid on Friday, December 27 for the five days ending on December…

A: Weekly payroll includes five days pay , therefore one day pay = $3,8005 days = $760 per day

Q: Sheffield Limited has the following information available for accruals for the year ended December…

A: A journal entry is the process of recording or maintaining track of any financial or non-financial…

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

A: Accrued salaries expense = Gross pay x no. of days accrued  / 5 day week Accrued salaries payable =…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.