Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
11th Edition
ISBN: 9780133866889
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 11, Problem P11.25APGA
Journalizing and posting liabilities
The general ledger of Quick Ship at June 30, 2016, the end of the company’s fiscal year, includes the following account balances before payroll and
| Accounts Payable | $ 114,000 |
| Interest Payable | 0 |
| Salaries Payable | 0 |
| Employee Income Taxes Payable | 0 |
| FICA-OASDI Taxes Payable | 0 |
| FICA-Medicare Taxes Payable | 0 |
| Federal |
0 |
| State Unemployment Taxes Payable | 0 |
| Unearned Rent Revenue | 6,000 |
| Long-term Notes Payable | 300,000 |
The additional data needed to develop the payroll and adjusting entries at June 30 are as follows:
a. The long-term debt is payable in annual installments of $60,000, with the next instalment due on July 31. On that date, Quick Ship will also pay one year's interest at 10%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end.
b. Gross unpaid salaries for the last payroll of the fiscal year were $4,500. Assume that employee income taxes withheld are S900 and that all earnings are subject to OASDI.
c. Record the associated employer taxes payable for the last payroll of the fiscal year, $4,500. Assume that the earnings are not subject to unemployment.
d. On February 1, the company collected one year's rent of $6,000 in advance.
Requirements
1. Using T-accounts, open the listed accounts and insert the unadjusted June 30 balances.
2. Journalize and post the June 30 payroll and adjusting entries to the accounts that you opened. Identify each adjusting entry by letter.
3. Prepare the current liabilities section of the
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Chapter 11 Solutions
Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
Ch. 11 - Prob. 1QCCh. 11 - On January 1, 2018, a business borrowed $18,000 on...Ch. 11 - Prob. 3QCCh. 11 - Prob. 4QCCh. 11 - Prob. 5QCCh. 11 - Prob. 6QCCh. 11 - Prob. 7QCCh. 11 - Prob. 8QCCh. 11 - Prob. 9QCCh. 11 - McDaniel and Associates reported the following...
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - What do short-term notes payable represent?Ch. 11 - 6. Coltrane Company has a $5,000 note payable that...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQCh. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. S11.1SECh. 11 - Prob. S11.2SECh. 11 - Recording unearned revenue On June 1, Guitar...Ch. 11 - Accounting for a note payable On December 31,...Ch. 11 - Determining current portion of long-term note...Ch. 11 - Computing and journalizing an employee’s total pay...Ch. 11 - Computing payroll amounts considering FICA tax...Ch. 11 - Prob. S11.8SECh. 11 - Computing bonus payable On December 31, Peterson...Ch. 11 - Prob. S11.10SECh. 11 - Prob. S11.11SECh. 11 - Prob. S11.12SECh. 11 - Prob. S11.13SECh. 11 - Prob. E11.14ECh. 11 - Prob. E11.15ECh. 11 - Prob. E11.16ECh. 11 - Prob. E11.17ECh. 11 - Prob. E11.18ECh. 11 - Prob. E11.19ECh. 11 - Prob. E11.20ECh. 11 - Prob. E11.21ECh. 11 - Prob. E11.22ECh. 11 - Prob. E11.23ECh. 11 - Prob. E11.24ECh. 11 - Journalizing and posting liabilities The general...Ch. 11 - Computing and journalizing payroll amounts Lee...Ch. 11 - Prob. P11.27APGACh. 11 - Journalizing liability transactions The following...Ch. 11 - Computing times-interest-earned ratio The income...Ch. 11 - Journalizing and posting liabilities The general...Ch. 11 - Prob. P11.31BPGBCh. 11 - Prob. P11.32BPGBCh. 11 - Prob. P11.33BPGBCh. 11 - Prob. P11.34BPGBCh. 11 - Prob. P11.35CPCh. 11 - Prob. 11.1DCCh. 11 - Prob. 11.2DCCh. 11 - Ethical Issue 11-1 Many small businesses have to...Ch. 11 - > Financial Statement Case 11-1 Details about a...
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