: Prepare adjusting entries of the following transactions. 1. Four employees earn a total of P1,000 per day for 5 day week that begins on Monday and ends on Friday. They are paid for the week ended Friday, December 28. 2. Accrued driver’s wages at the end of the year is P3,000. 3. One month interest on a P10,000 10% 60 day note was not yet collected. 4. The business has received electric bill for P25,000 for the month but not yet paid till the end of the month

Q: Hugh Morris Company pays weekly wages of $15,000 every Friday for a five day week ending on that…

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until 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: Buster Industries pays weekly salaries of $39,600 on Friday for a five-day week ending on that day.…

A: Introduction:- Buster Industries pays weekly salaries of $39,600 on Friday for a five-day week…

Q: Find the adjusting entry a. The payment of the P19,000 insurance premium for two years in advance…

A: An adjusting journal entry is a journal entry made at the conclusion of an accounting period in a…

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

A: Working Notes: Amount of Accrued wages expense at the end of January: = Number of days Balance *…

Q: An analysis of the accounts shows the following. 1. The equipment depreciates $296 per month. 2.…

A: The General Journal for the 5 transactions can be found as an Image Attachment in Step 2 of the…

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

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

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: Sanborn company rents space to a tenant for $2,500 per month. The tenant currently owes rent for…

A: Solution: When rent of November and December is not paid till December 31, it means rent income is…

Q: A business provides its employees with varying amounts of vacation per year, depending on the length…

A: Calculate the vacation pay expense for January

Q: Windsor, Inc. has the following information available for accruals for the year ended December 31,…

A: Journal: Recording of a business transactions in a chronological order.

Q: Journalizing adjusting entries Consider the following situations: a. Business receives $3,200 on…

A: Adjusting entries:   The entries that are made at the end of an accounting period in accordance with…

Q: Adjustment for Accrued Expense Browning Realty Co. pays weekly salaries of $17,000 on Monday for a…

A: Solution: Introduction: Adjusting Entries are the journal entries that are made at the end of a…

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: On August 1, Mitchell Company received $21,900 for six months of rent in advance. Required:   1.…

A: Rent revenue of the current year the revenue which is accured this year not in the next year. It is…

Q: For each separate case, record the necessary adjusting entry.

A: Advance Revenue on October 1 = $10,000 As on Dec 31, three months revenue should be transferred from…

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: 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: 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: Prepare the adjusting entry for each of the following for the year ending Dec. 31, 2008: a. The…

A: Adjusting entries are those journal entries which are passed at the end of the period in order to…

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: A company pays an employee $3,000 for a five-day work week, Monday–Friday. The adjusting entry on…

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

Q: Journalize the necessary adjusting entry at the end of the accounting period, assuming that the…

A: Compute the outstanding salary.

Q: The Del Pilar Enterprises pays its weekly salary of P50, 400 for a 6-day work ending on Saturday.…

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

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: Paradise Realty Co. pays weekly salaries of $16,350 on Friday for a five-day workweek ending on that…

A: If the accounting period ends on Monday, the salary payable will be only for one day (Monday).…

Q: a Inc. reported income of $440,000 for the year ended June 30, 20X8. However, the records show that…

A: The practice of recording commercial transactions for the first time in the books of accounts is…

Q: At the end of the year, Tesla owes employees of $16,000. These salaries will be paid in the…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

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: For each separate case below, follow the three-step process for adjusting the unearned revenue…

A:

Q: Buster Industries pays weekly salaries of $41,100 on Friday for a five-day week ending on that day.…

A:

Q: th Petite co. pays its employees twice a month, on the 7 and the 21". On June 21, Boise Co. paid…

A: Answer: Decrease of net income for the month by $ 7,000, because Expense will increase by $7,000.

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

A: Journal entries is the primary reporting of the transactions occurring in the books. These are…

Q: Zoey Bella Company has a payroll of $10,000 for a five-day workweek. Its employees are paid each…

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

Q: Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday…

A: INTRODUCTION: The accounting equation depicts the connection between assets, liabilities, and…

Q: Prospect Realty Co. pays weekly salaries of $18,030 on Monday for a six-day workweek ending the…

A: Adjusting entry: It implies to a journal entry that is recorded in the company's books at the…

Q: Journalizing adjusting entries and subsequent journal entries Lopez Landscaping has the following…

A: Journalize the adjusting entry needed on December 31 for each of the previous items affecting Lopez…

Q: Splish Brothers Inc. began operations in July 2020. At the end of the month, the company prepares…

A:

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: (a) On September 30, the firm received its utilities bill for the month of September amounting to…

A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…

Q: Prepare the adjusting entry for Sonnie Ramos Tours under. each of the following situations. The last…

A: Adjusting entries are the accounting entries passed at the end of the period to record the…

Q: 0. On April 1, the company hired an attorney for April for a flat fee of $2.500. Payment for April…

A: Adjusting entries are those journal entries which are passed at the end of accounting period in…

Q: Journalizing adjusting entries Consider the following situations: The business receives $3,200 on…

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