For each transaction, prepare journal entries. Paid payroll, $8340 during the year.

Q: 4. The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to…

A: in this case reporting date is 31 dec 2019

Q: Total payroll expense was recorded as $750,000 on the income statement. The payroll payable account…

A: Statement of cash flows: Cash flow statement is also known as statement of cash flows. It is a…

Q: On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services.…

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

Q: The following information relates to Gatsby, Inc. as of December 31 of the current year. The company…

A: Adjusting journal entries are defined as those journal entries which are recorded at the end of the…

Q: Fifteen transactions or events affecting Drillmasters, Inc., are as follows: Made a year-end…

A: Revenue-Expenses=Net income Assets=Current Liabilities+Long Term Liability+Owner's Equity

Q: Below are four independent cases (a to d) affecting Wong Auto Repair Inc. (WARI) in 2019. a. Each…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: A business began the year with prepaid rent of pound£300. During the​ year, the business paid…

A: Calculation of rent payable expense for the year Rent payable expense = Beginning balance of Prepaid…

Q: 5.) On February 1, the Acts Tax Service received a $3,600 cash retainer for tax preparation services…

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

Q: On April 1, Tenity, Inc. paid $3,300 for an insurance premium on a three-year insurance policy. At…

A: Prepaid insurance = Total insurance paid - Insurance expense for current year. Insurance expense for…

Q: Withdrawals's two employees are paid weekly. As of the end of the year, two days' salaries have…

A: Meaning of Accrued Salaries: Accrued salaries refers to the amount of liability remaining at the end…

Q: Vladimir Marsh has been employed by the Ace Distributing Company for the past three years. During…

A: Solution and explanation

Q: Fifteen transactions or events affecting Drillmasters, Inc., are as follows:

A: Income statement shows total expenses and income earned for a period of time. Performance of an…

Q: On 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to…

A: When the rent is prepaid for one year, it shall be entirely recorded as an asset on the date of the…

Q: The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation:…

A:

Q: A company recorded the $20,000 adjusting entry for accrued interest expense on monies borrowed by…

A: Solution:   Adjusting entries are those entries which are made to adjust the accounts for matching…

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: The journal entries are a crucial step of the accounting process as it records the accounting…

Q: Use the following information for the next two items: Entity A provides bookkeeping services to…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: An entity received cash of P24,000 on August 1 for one-year's rent in advance and recorded the…

A:

Q: Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from…

A: Here in this case lets understand the meaning of gross income. Gross income means all income earned…

Q: Below are four independent cases (a to d) affecting Wong Auto Repair Inc. (WARI) in 2019. a. Each…

A: Accrued wages for 1 day = Monday Wages expense = 6000*1/5=1200   Supplies expense = Beginning…

Q: t, Installment Notes, and Contingencies he current pay period, the computer programmer worked 48…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Fifteen transactions or events affecting Drillmasters, Inc., are as follows: Made a year-end…

A: Transactions or events in accounting is always have minimum two effects., as they means the exchange…

Q: On November 1, Duane paid $12,000 in advance for a year's rent. The November 30 adjusting entry for…

A: Payment made in advance for rent is known as prepaid rent. It means expenses needs to be incurred in…

Q: What is the journal entry for this transaction? Please explain. Thanks.  On June 1, the entity…

A: solution : What is the journal entry for this transaction? Please explain. Thanks.  On June 1, the…

Q: An entity received cash of P24,000 on August 1 for one-year's rent in advance and recorded the…

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

Q: Cheng Company has one year in unearned rent on the books in the amount of $3,000. The money was…

A: The adjusting entry for unearned rent is to debit the unearned rent and credit the rent revenue.

Q: On July 1, Mitchell Company receives 20 months of rent in advance, $41,360. Mitchell Company's…

A: July 1 to December 31 = 6 months Total rent paid in advance = $41,360

Q: How much will be the amount to be paid on July 15 of the same year in payment an invoice dated June…

A: Formula: Payable amount = Invoice amount - Discount amount

Q: Fifteen transactions or events affecting Westmar, Inc., are as follows:a. Made a year-end adjusting…

A: Income Statement: is a reflection of how the business has performed in the current year and how much…

Q: Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business…

A: 1. Journalize the preceding transactions using a general journal.

Q: The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to…

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

Q: This year's final paycheck will be issued on the last Friday of December. If you report the wages…

A: Answer:-  Matching principle meaning:- Matching principle basically states that the organization…

Q: Cee & Co.’s fiscal year begins April 1. At the beginning of its fiscal year, Cee & Co. estimates…

A: Introduction:- Property taxes are taxes collected by governments based on the value of certain…

Q: insurance expense

A: Number of months expired from the date of payment of premium (July 1) till the date of income…

Q: what is the prepayment in the accounts for the year to 31 December 20X8?

A: As per matching concept revenues and expense that are incurred to generate revenue need to be…

Q: Indicate the effects of each of these transactions upon the following elements of the company’s…

A:

Q: On December​ 31, 2019​, $700of salaries has been accrued.​ (Salaries before accrued amount totaled…

A: Part a:

Q: During the month of May 2022, Kingsway Ltd's employees earned total salaries and wages of $50,000.…

A: The following information given in the question: During May: 1. Total salaries and wages earn of…

Q: Assume that a lawyer bills her clients $15,000 on June 30, for services rendered during June. The…

A: Revenue: Revenue is the amount earned by the company by selling goods or providing services to the…

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant…

A: When liability is created we credit liability account and debit the expense account

Q: Johnson Inc. has the following information available: On November 1, 20X1, Johnson lent $15,000…

A: Promissory note :— It is a written financial document that promises to repay the borrowed money. In…

Q: At the end of the year, the company records an adjusting entry to accrue $125,000 of wages owed to…

A: Under accrual basis of accounting transactions are recorded and when they occur irrespective of cash…

Q: Wishbone, Inc., is preparing its year-end balance sheet and needs to determine how much of its…

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

Q: Income Taxes Payable was credited for $7,500 in the entry when Antonio Company recorded payroll.…

A: Income taxes payable is the liability for payment of income taxes.

Q: Income Statement   Balance Sheet Transaction Revenue - Expenses = Net Income   Assets =…

A: In the above questions we have asked to show the effect of given transactions on the financial…

Q: On March 1, the Garner Corporation borrowed $75,000 from the First Bank of Midlothian on a 1-year,…

A: Calculate interest expense:Interest expense = Notes payable * Interest rate * Time periodInterest…