![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781618531650/9781618531650_largeCoverImage.gif)
Financial Accounting
5th Edition
ISBN: 9781618531650
Author: Thomas Dyckman
Publisher: Cambridge Business Publishers
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 23ME
a.
To determine
Prepare the entry by using;
(1) Financial statements effect template and
(2) In
b.
To determine
Prepare the entry by using;
(1) Financial statements effect template and
(2) In journal entry form.
c.
To determine
Prepare the entry by using;
(1) Financial statements effect template and
(2) In journal entry form
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Students have asked these similar questions
Schrand Services offers janitorial services on both a contract basis and an hourly basis. On January I, Schrand collected $26, I00 cash in advance on a six-month contract for work to be performed evenly during the next six months.
Prepare the entry on January I to reflect the receipt of $26,100 cash for contract work; use the financial statement effects template.
Adjust the appropriate accounts on January 31 for the contract work done during January; use the financial statement effects template .
At January 31, a total of 30 hours of hourly rate janitor work was performed but unb illed. The billing rate is $ 19 per hour. Prepare the accounting adjustment needed on January 31, using the financial statement effects template. (The firm uses the account Fees Receivable to reflect the revenue earned but not yet billed.)
Refer to above information to prepare Journal entry for each part 1, 2 and 3.
Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare
the journal entry to record a $14,000 bonus owed (but not yet paid) to its workers at calendar year-end.
View transaction list
Journal entry worksheet
<
1
Record the expected bonus costs.
Note: Enter debits before credits.
Date
December
31
General Journal
Debit
Credit
Clear entry
View general journal
Record entry
Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare
the journal entry to record a $14,000 bonus owed (but not yet paid) to its workers at calendar year-end.
View transaction list
Journal entry worksheet
<
1
Record the expected bonus costs.
Note: Enter debits before credits.
Date
December
31
General Journal
Debit
Credit
7
Record entry
Clear entry
View general journal
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.arrow_forwardA. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct 31 B. total salaries for all employees is $3,600 per month. employees are paid on the 1st and 15th of the month C. Work performed but not yet billed to customers for the month is $1,600 D. the company pays interest on its $16,000, 4% note payable of $53 on the first day of each month Assue the company records adjusting enteries monthly. journalize the adjusting entries needed as of Jan 31arrow_forwardOn March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring monthly payments of $450 starting March 31. The journal entry to record the first payment would include a _______ to Notes Payable of debit; $376. credit; $74. credit; $376. debit; $74.arrow_forward
- McFriend Inc. records its liabilities for employees’ vacations at the end of each month. McFriend has 50 employees who are paid an average of $176 per day. The company allows 10 paid vacation days per year. For the August 31 payroll, McFriend pays its employees $160,000 for time worked and $10,000 for vacation taken. Required: Prepare the journal entry to record McFriend’s August 31 payroll.arrow_forwardRequired: Prepare the journal entries to: (a) distribute the weekly payroll and to (b) ace the bonus, vacation and holiday pay. P44 Monthly payroll register of Hanna Institute for January shows the following information: The salary for administrative employees is P20,000; faculty, P300,000. Hanna shar 50% of the insurance premium per month. Total amount of installment is P10,000 and P2,500 will be deducted from both departments (admin and faculty) each. There are 5 faculty members with equal salaries; two of them are most senior and entitled to avail 2 weeks paid leave every year. Mr. Johnson, one of two senior members, received bonus of P1,000 for his last year's awesome result. Required: Journal entries to record payroll on January 31st.arrow_forwardHitzu Company sold a copler (that costs $7.500) for $15,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2 the copler requires on-site repairs that are completed the same day. The repairs cost $111 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copler.arrow_forward
- Record journal entries for the following transactions of Wind Solutions.Jan. 1, 2018 Issued a $2,350,100 note to customer Solar Plex as terms of a merchandise sale. The merchandise’s cost to Wind Solutions is $1,002,650. Note contract terms included a 24-month maturity date, and a 2.1% annual interest rate.Dec. 31, 2018 Wind Solutions records interest accumulated for 2018.Dec. 31, 2019 Wind Solutions converts Solar Plex’s dishonored note into account receivable. This includes accumulated interest for the 24-month period.Mar. 8, 2020 Wind Solutions sells the outstanding debt from Solar Plex to a collection agency at 25% of the accounts receivable valuearrow_forwardTurner Empire Co. employs 65 employees. The employees are paid every Monday for work done from the previous Monday to the end-of-business on Friday, or a 5-day work week. Each employee earns $80 per day. Required: 1. Calculate the total weekly payroll cost and the salary adjustment at March 31, 2016. 2. Prepare the adjusting entry at March 31, 2016. 3. Prepare the subsequent cash entry on April 4, 2016.arrow_forwardRecord journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 Issued a $2,351,100 note to customer Solar Plex as terms of a merchandise sale. The merchandise’s cost to Wind Solutions is $1,006,650.Note contract terms included a 24-month maturity date, and a 2.1% annual interest rate. Dec. 31, 2018 Wind Solutions records interest accumulated for 2018. Dec. 31, 2019 Wind Solutions converts Solar Plex’s dishonored note into account receivable. This includes accumulated interest for the 24-month period. March 8, 2020 Wind Solutions sells the outstanding debt from Solar Plex to a collection agency at 25% of the accounts receivable value. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018 - Record sale Notes Receivable: Solar Plex Notes Receivable: Solar Plex Sales Revenue Sales Revenue Jan. 1, 2018 - Cost of sale Cost of Goods Sold Cost of Goods Sold…arrow_forward
- Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…arrow_forwardConsr a. Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31. b. Total salaries for all employees is $3,600 per month. Employees are paid on the 1st and 15th of the month. c. Work performed but not yet billed to customers for the month is $1,600. d. The company pays interest on its $16,000, 4% note payable of $53 on the first day of each month.arrow_forwardThe payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018:1. Enter the relevant information in the proper columns of a payroll register and complete the register; calculate CPP and EI deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week Payroll Week Ended March 23, 2018 (Image inserted) 2. Prepare General Journal entries to record the payroll register information, including the employer’s expenses. Calculate: 1.Record the payroll register for the pay period ending March 23. 2.Record the payroll taxes.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Revenue recognition explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=816Q6pOaGv4;License: Standard Youtube License