July 1July 1July 3July 5July 12July 18CashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentAccounts PayableSalaries and Wages PayableCommon StockRetained EarningsMaintenance and Repairs ExpenseSupplies ExpenseDepreciation Expense14,400552010802160960035024006480744C1440C Mike Greenberg opened Ayayai Window Washing Inc. on July 1, 2025. During July, the following transactions were completed.July 113512182021253131Issued 14,400 shares of common stock for $14,400 cash.Purchased used truck for $9,600, paying $2,400 cash and the balance on account.Purchased cleaning supplies for $1,080 on account.Paid $2,160 cash on a 1-year insurance policy effective July 1.Billed customers $4,440 for cleaning services performed.Paid $1,200 cash on amount owed on truck and $600 on amount owed on cleaning supplies.Paid $2,400 cash for employee salaries.Collected $1,920 cash from customers billed on July 12.Billed customers $3,000 for cleaning services performed.Paid $350 for maintenance of the truck during month.Declared and paid $720 cash dividend.The chart of accounts for Ayayai Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, PrepaidInsurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock,

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Description: July 1July 1July 3July 5July 12July 18CashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentAccounts PayableSalaries and Wages PayableCommon StockRetained EarningsMaintenance and Repairs ExpenseSupplies ExpenseDe

Journal entry is a primary entry that records the financial transactions initially. The transactions…

Answered: Mike Greenberg opened Ayayai Window…

Business

Accounting

Mike Greenberg opened Ayayai Window Washing Inc. on July 1, 2025. During July, the following transactions were completed.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 14.9BE

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Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 101 Salaries Payable 108 Bond Deductions Payable 2,300 102 Social Security Tax Payable 2,913 109 Medical Insurance Payable 2,520 103 Medicare Tax Payable 728 201 Operations Salaries Expense 700,000 104 Employees Federal Income Tax Payable 4,490 301 Officers Salaries Expense 340,000 105 Employees State Income Tax Payable 4,078 401 Office Salaries Expense 155,000 106 State Unemployment Tax Payable 1,260 408 Payroll Tax Expense 59,491 107 Federal Unemployment Tax Payable 360 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 1. Issued Check No. 815 to Aberderas Insurance Company for 2,520, in payment of the semiannual premium on the group medical insurance policy. 1. Issued Check No. 816 to Alvarez Bank for 8,131, in payment for 2,913 of social security tax, 728ofMedicare tax, and 4,490 of employees federal income tax due. 2. Issued Check No. 817 for 2,300 to Alvarez Bank to purchase U.S. savings bonds for employees. Dec. 12. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations 14,500 Officers 7,100 Office 2,600 24,200 Deductions: Social security tax 1,452 Medicare tax 363 Federal income tax withheld 4,308 State income tax withheld 1,089 Savings bond deductions 1,150 Medical insurance deductions 420 8,782 Net amount 15,418 12. Issued Check No. 822 in payment of the net amount of the biweekly payroll. 12. Journalized the entry to record payroll taxes on employees earnings of December 12: social security tax, 1,452; Medicare tax, 363; state unemployment tax, 315; federal unemployment tax, 90. 15. Issued Check No. 830 to Alvarez Bank for 7,938, in payment of 2,904 of social security tax, 726 of Medicare tax, and 4,308 of employees federal income tax due. 26. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations 14,250 Officers 7,250 Office 2,750 24,250 Deductions: Social security tax 1,455 Medicare tax 364 Federal income tax withheld 4,317 State income tax withheld 1,091 Savings bond deductions 1,150 8,377 Net amount 15,873 Dec. 26. Issued Check No. 840 for the net amount of the biweekly payroll. 26. Journalized the entry to record payroll taxes on employees earnings of December 26: social security tax, 1,455; Medicare tax, 364; state unemployment tax, 150; federal unemployment tax, 40. 30. Issued Check No. 851 for 6,258 to State Department of Revenue, in payment of employees state income tax due on December 31. 31. Issued Check No. 852 to Alvarez Bank for 2,300 to purchase U.S. savings bonds for employees. 31. Paid 55,400 to the employee pension plan. The annual pens1on cost is 65,500. (Record both the payment and the unfunded pension liability.) Instructions 1.Journalize the transactions. 2.Journalize the following adjusting entries on December 31: A. Salaries accrued: sales salaries, 4,275; officers salaries, 2,175; office salaries, 825. The payroll taxes are immaterial and are not accrued. B. Vacation pay, 13,350.