Write a short note on accrued expenses with Literature Review and by providing examples?
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Ms. Salma is yet to pay the salaries to her employees of last three months. Write a short note on accrued expenses with Literature Review and by providing examples?
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- did not pay the salaries to her employees of last 2 months. Write a short note on accrued expenses with Literature Review and by providing examplesPlease tell me how to enter the following journal entries At year-end, salaries and wages of $5100 had not been recorded or paidAdam Jameson is the new owner of GlassLeaf Computer Services. At the end of August 2020, his first month of ownership, Jameson is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August. 1. At August 31, Jameson owed his employees $2,079 in wages that will be paid on September 1. 2. At the end of the month, he had not yet received the month’s utility bill. Based on past experience, he estimated the bill would be approximately $646. 3. On August 1, Jameson borrowed $27,600 from a local bank on a 15-year mortgage. The annual interest rate is 7%. 4. A telephone bill in the amount of $119 covering August charges is unpaid at August 31. Prepare the adjusting journal entries as of August 31, 2020, suggested by the information above.
- Andy Roddick is the new owner of Ace Computer Services. At the end of August 2020, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August. 1. At August 31, Roddick owed his employees $1,900 in wages that will be paid on September 1. 2. At the end of the month, he had not yet received the month’s utility bill. Based on past experience, he estimated the bill would be approximately $600. 3. On August 1, Roddick borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 8%. 4. A telephone bill in the amount of $117 covering August charges is unpaid at August 31. Instructions Prepare the adjusting journal entries as of August 31, 2020, suggested by the information above.The following two events occurred for Trey Co. on October 31, the end of its fiscal year. a. Trey rents a building from its owner for $2,800 per month. By a prearrangement, the company delayed paying October’s rent until November 5. On this date, the company paid the rent for both October and November. b. Trey rents space in a building it owns to a tenant for $850 per month. By prearrangement, the tenant delayed paying the October rent until November 8. On this date, the tenant paid the rent for both October and November. Required 1. Prepare adjusting entries that the company must record for these events as of October 31. 2. Assuming Trey does not use reversing entries, prepare journal entries to record Trey’s payment of rent on November 5 and the collection of the tenant’s rent on November 8. 3. Assuming that the company uses reversing entries, prepare reversing entries on November 1 and the journal entries to record Trey’s payment of rent on November 5 and the collection of the…On Sept 26, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the salaries of $25,050 to be paid on Friday for a five-daywork week. The months ends on Wednesday, Sept 30. What is the entry to record this accrued expense? On Sept 30, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the unbilled services rendered by the company's employees last Sept 21, amounting to $12,000. What is the entry to record this accrued revenue?
- Chantelle Chance is a hair dresser who stated in business on October 1, 2018 and has not registered to collect the GST. Quarterly revenues from her business for her first year of operations were as follows: October To December 2018 - $4000January to March 2019 - $6500April to June 2019 - $9000July to September 2019- $9500Total for year ending September 2019 -$29000 For the quarter ending December 31, 2019 business revenues were $11500. Required: Advise Chantelle if registration for the GST is required and include the reasons for your answer. IF required state when GST Collection should start and By what date registration must be completed.Breanna Vail is a self-employed accountant who has one less-than-half-time employee. During 2019, the following items existed for her business: Accounting services revenue: $100,000 Payments to Breanna: $40,000 Wages to her employee: 25,000 Rent Expense: 12,000 Tax preparation software: 3,500 Office supplies and utilities: 3,000 Payroll tax expense for her employee: 1,800 (federal and state) Business meals expenses: 1,000 Personal health insurance premiums: 3,600 Personal Social Security Tax: 7,560 What is the amount of Breanna's Schedule C earnings for 2019? a) $46,316 b) $56,000 c) $14,000 d) $54,200An employee is paid every two weeks. She worked the last week of December and the first week of January, and got paid $2,000 on January 10th. How would this be recorded under the cash and accrual methods? Group of answer choices Under the accrual method, one-half of the amount paid - $1,000 – is an expense in December and the other half is an expense in January; under the cash method, the $2,000 is an expense in January. Under the accrual method, $2,000 is an expense in January and under the cash method $2,000 is an expense in January. Under the accrual method, $2,000 is an expense in December and under the cash method $2,000 is an expense in January
- Chantelle Chance is a hair dresser who started in business on October 1, 2018 and has not registered to collect the GST. Quarterly revenues from her business for her first year of operations were as follows: October To December 2018 - $4000January to March 2019 - $6500April to June 2019 - $9000July to September 2019- $9500Total for year ending September 2019 -$29000 For the quarter ending December 31, 2019 business revenues were $11500. Required: Advise Chantelle if registration for the GST is required and include the reasons for your answer. IF required state when GST Collection should start and By what date registration must be completed.A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $58,200. a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. If an amount box does not require an entry, leave it blank. b. How is the vacation pay reported on the company's balance sheet? , unless employees are allowed to accumulate their vacation pay for use in future years. When is this amount removed from the company's balance sheet?Identify the amount, if any, that these individuals must include in gross income in the following independent cases. Assume that the individuals are on the cash method of accounting and report income on a calendar-year basis. a. Elmer was an extremely diligent employee this year, and his employer gave him three additional days off with pay (Elmer’s gross pay for the three days totaled $1,200, but his net pay was only $948). b. Amax purchased new office furniture and allowed each employee to take home old office furniture valued at $250.
