
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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journalize Dexter recieving $4,500 in advance and then earning $3,000 service revenue
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- Write double entry Creg works as an agent for a number of smaller contractors, earning commission of 10%. Creg’s revenue includes $6,000 received from clients under these agreements with $5,400 in cost of sales representing the amount paid to the contractors.arrow_forwardEmployee Net Pay Kenneth Inverness's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security rate is 6% and Medicare is 1.5%, what is Kenneth's net pay? Note: If required, round your answer to two decimal places. All work saved.arrow_forwardWrite double entry Creg works as an agent for a number of smaller contractors, earning commission of 10%. Creg’s revenue includes $6,000 received from clients under these agreements with $5,400 in cost of sales representing the amount paid to the contractors.arrow_forward
- Transactions for you to complete 1) Create A Supplier Account. Supplier: Ink Inspector Address: Oakville, ON Terms: N30 Exp acct: 5250 Licenses Tax Code: HI (HST @ 13%, included) 2) Create A Customer Account. Client: Noya Modeling Agency Terms: 1/15, N30 Address: Hamilton, ON Tax Code: H (HST @13%) Rev acct: 4050 Rev from services Credit Limit: $10,000 Change the Session Date to April 8, 2022 3) Enter the following transactions into Sage. Purchase Invoice #GB-806 Dated April 4 from Germ Busters; $3,750, plus HST for new sterilization equipment (add freight charges of $225 + HST). (Pay attention to the words! This is not sterilized needles; this is for sterilization equipment. You need to change the account number.) Sales Invoice Dated April 4 to Noya Modeling Agency $8,000, plus HST for laser treatments to remove tattoos on new models hired in the agency. Credit Card Sales Invoice Dated April 4 to One-Time walk-in clients. Sales Summary: $1,420, plus HST for laser treatments. Payment…arrow_forwardnework Gross Pay through Gross Pay for August 31 September $ 5,100 $ 2,200 2,700 8,600 BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 2,600 132,000 Assuming situation (e), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes Saved September earnings subiect to tax Tax < Prey 8 Tax Amount Help or 4 Nextarrow_forwardComputing Overtime Rate of Pay and Gross Weekly Pay Rebecca Huang receives a regular salary of $3,120 a month and is paid 12 times the regular hourly rate for hours worked in excess of 40 per week. a. Calculate Huang's overtime rate of pay. %$4 overtime pay per hour b. Calculate Huang's total gross weekly pay if she works 45 hours during the week.arrow_forward
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