QUESTION 12 The journal entry to record the payment of long service leave to an employee is OA Dy Provision for long service leave Cash at bank O None of the above Qc Dr. Long service leave expense Cr Cash at bank 0.0.Dr Cash at bank Provision for long service leave
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- Assume that the employees are paid from the company's regular bank account check numbers 981 and 982 prepare the entry to record and pay the payroll in general journal from September 30th if required round amounts to the nearest cent if an amount does not require an entry leave it blank. College accounting 13th editionSUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…44) on February 23, a company provide services on account to customer for $4200 the customer pays in full for those services on March 4. Record of the transactions for the company when the services are provided on February 23 and when the cash is collected on March 4. (If no entry is required for a transaction/event, select no journal entry required in the first account field.)
- How will IFFA record the use of the insurance on May 31? a. decrease Prepaid Insurance $216 and increase Insurance Expense $216 b. decrease Prepaid Insurance $200 and increase Insurance Expense $200 c. decrease Prepaid Insurance $2,400 and increase Insurance Expense $2,400 d. decrease Prepaid Insurance $2,592 and increase Insurance Expense $2,592 e. no entry is required. Enter the letter that corresponds to your choice. (A B C D E) How will IFFA record the bank transaction on May 31? a. decrease Cash $28, decrease Bank Loan Payable $12, increase Interest Expense $16 b. decrease Cash $28, increase Bank Fees Expense $12, increase Interest Expense $16 c. decrease Cash $28, increase Interest Expense $12, decrease Bank Fees Expense $16 d. decrease Cash $28, decrease Bank Loan Payable $16, increase Bank Fees Expense $12 e. decrease cash $28, decrease Bank Loan Payable $16, decrease Retained Earnings $12 f. decrease Cash $28, decrease Bank Loan Payable $12, decrease Retained…An error was discovered in computing and paying the wages of an employee of World Appliance Repair. world received cash from the employee for the amount of the overpayment. Which of the following entries for world records this transaction? Question 10 options: Wages Payable, debit; Wages Expense, credit Wages Expense, debit; Wages Payable, credit Wages Expense, debit; Cash, credit Cash, debit; Wages Expense, creditayroll Register and Payroll Journal Entry 1. Prepare a payroll register for Mary’s Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Round your answers to the nearest cent. 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Mary Losch operates a travel agency called Mary’s Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given below. Employees…
- 16 - The Social Security Deductions of the employees in the management department, amounting to TL 8,450 for March, were paid from the bank on April 30, 2021. Accordingly, which of the following is true about the journal entry to be made? a) 102 Banks Account is debited 8,450 TL B) 361 Social Security Deductions Account Payable 8.450 TL NS) 361 Social Security Deductions Payable Account 8.450 TL Debited. D) 360 Taxes Payable and Funds Account 8.450 TL Receivable. TO) 770 General administrative expense account is debited 8,450 TLDetermine if this shall result in recognition of liabilities 10. receipt of cash from a customer for goods to be delivered next month a. yes b. noQ L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5%…
- 12) Prepare the journal entry under the direct write-off method that ABC company would record when it determines that $500 cannot be collected from its customer DEF from a previous sale on account: DR: BDE $500 CR: AR $500 13) After being written off inn question 12, DEF company winds up partially paying ABC $250 that it previously owed, before officially going out of business. Please prepare the necessary journal entries to reverse the write off for the appropriate amount, and to record the receipt of cash: DR: CR: DR: CR:Prepare journal entries to record the following transactions of Ridge Company. Mar. 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past-due account receivable. Sep. 17 Jackson dishonored her note. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson’s account against the Allowance for Doubtful Accounts.DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…