Explain closing entries? On 31-12-2020 salaries account shows 15,000. what will be the closing entries?
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Explain closing entries?
On 31-12-2020 salaries account shows 15,000. what will be the closing entries?
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- Accrued Wages A company employs a part-time staff of 50 employees, each earning $10 per hour and working 30 hours per week. Employees work 5 days per week, Monday through Friday, and are paid weekly on Fridays. The appropriate journal entry was recorded at the end of the accounting period, Tuesday, April 30, 2019. Required: What journal entries are made on Tuesday, April 30, and Friday, May 3, 2019?Selected accounts for Lee's Salon at December 31, 2021, are presented below. Prepare closing entries. A. Lee, Capital A. Lee, Drawings Service Revenue Dr. Cr. Dr. Cr. Dr. Cr. 30,000 2,000 50,000 Salaries Expense Rent Expense Supplies Expense Dr. Cr. Dr. Cr. Dr. Cr. 21,000 6,000 7,000On December 12, 2018, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 ofdiodes to be completed on January 16, 2019. What journal entries should Pace record on December 12 andJanuary 16?
- On December 31, 2019, $700of salaries has been accrued. (Salaries before accrued amount totaled $29,000.) The next payroll to be paid will be on February 3, 2020, for $7,500.Do the following: a. Journalize and post the adjusting entry (use T accounts). b. Journalize and post the reversing entry on January 1. c. Journalize and post the payment of the payroll. Cash has a balance of $16,000 before the payment of payroll on February 3, 2020. (Record debits first, then credits. Exclude explanations from journal entries.)Harp Beauty Shop pays salaries for the first half every 10th days of the succeeding month. The salaries for the second half of December 2019 amounted to 35,000?On December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The next payroll to be paid on Feb 3, 2021, for the $6500. Do the following. A. Journalize and post the entry using T accounts. B. Journalize and post the reversing entry on Jan 1, 2021 C. Journalize and post the payment of the payroll. Cash has a balance of $13500 before the payment of payroll on Feb 3, 2021.
- Prepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000TFM Enterprises pays its employees every two weeks and has paid its employees P375,000 for work completed in 2019. In addition, the employees earned a week's salary of P 7,200 at the end of December that will be paid as part of the P14,400 payroll at the end of the first week in January of 2020. How much should the company declare for salaries and wages expense for 2019?Silicon Chip Company’s fiscal year-end is December 31. At the end of 2024, it owed employees $42,000 in salaries that will be paid on January 7, 2025. Required: Prepare an adjusting entry to record accrued salaries, a reversing entry on January 1, 2025, and an entry to record the payment of salaries on January 7, 2025. Prepare journal entries to record the accrued salaries on December 31, 2024 and the payment of salaries on January 7, 2025, assuming a reversing entry is not recorded.
- Carter Corp. uses the "Income Summary" account when it makes its closing entries. The following information is available for the year ending 12/31/X1: The "Service Revenue" account has an account balance of $200,000. The "Salaries Expense" account has an account balance of $75,000. The "Dividends" account has an account balance of $10,000. Required: Assuming these three accounts are the only temporary accounts Carter has at year-end, prepare their closing entries.Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.A company has a May 31 fiscal year-end. The company's employees work Monday through Friday (the same number of hours each day), and collectively earn $1,200,000 each week. The company pays its employees each Friday, at the end of the day, for the work completed that week. Prepare the adjusting journal entry needed on May 31, 2022 AND the journal entry when the company makes its weekly payment to its employees later that week.