College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Question
Chapter 4, Problem 5DQ
To determine
Explain the reason for adjusting the wages for the accounting period ending on Wednesday, if the weekly wages are paid on Friday.
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Employees are paid every Saturday for the preceding work week. If a balance sheet is prepared on Wednesday, December 31, what does the amount of wages earned during the first three days of the week (12/29, 12/30, 12/31) represent? Explain.
Employees are paid every Saturday for the preceding workweek. If a balance sheet is prepared on Wednesday, December 31, what does the amount of wages earned during the first three days of the week (12/29, 12/30,12/31) represent? Explain.
The adjustment for accrued wages included days from the accounting period instead of the current accounting period. This would:
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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- Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. recorded employee salaries earned, to be paid in future month B. paid employees for current month salaries C. paid employee salaries for work performed in a prior month D. gave an employee an advance on future wagesarrow_forwardOn December 31, 20--, Karmansky Company needed to record its accrued wages for year-end. If December 31 is a Tuesday, then Karmansky Company must account for two days of wages. The company operates on a five-day workweek, the prior week's gross pay was $48,750, and the net pay was $31,690. Journalize the adjusting entry to be made on December 31 for the accrued wages. If an amount box does not require an entry, leave it blank. Account Debit Credit fill in the blank 72b6ddf88ff0f95_2 fill in the blank 72b6ddf88ff0f95_3 fill in the blank 72b6ddf88ff0f95_5 fill in the blank 72b6ddf88ff0f95_6arrow_forwardWhat would be the effect on the balance sheet if the adjustments for unbuilt fees and accrued wages were admitted at the end of the yeararrow_forward
- Baker Construction, Inc. pays its employees each Friday for the work they performed that week. Baker’s employees only work on Monday through Friday. They do not work on Saturday or Sunday. Baker produces monthly financial statements; thus they prepare adjusting entries at the end of each month. For the month of June, the last payday was on Friday June 25th. The last day of June was on Wednesday June 30th. The first payday of July was on Friday July 2nd. The following partial calendar shows these days and dates: Sunday Monday Tuesday Wednesday Thursday Friday Saturday June 20 June 21 June 22 June 23 June 24 June 25 June 26June 27 June 28 June 29 June 30 July 1 July 2 July 3The following table shows the amount the employees were paid on Friday June 25th and on Friday July 2nd. The table also shows the data required to calculate the amount the employees earned for the last three workdays of June. Wages paid on Friday, June 25th ......................... $6,200 Wages paid on Friday, July…arrow_forwardHow will affect in Accounting equation the paid salaries for the month.arrow_forwardLidle Company needs time to calculate employees’overtime payments by the end of the pay period inwhich the overtime is worked. Can it pay the overtime payments with the following period’s paycheck?arrow_forward
- Salary expense at Slow Hand Cooker is $6,000 per week for a Tuesday–Sunday workweek. Employees are paid on Sunday. If the company’s year ends on a Tuesday, what adjusting entry must it make? Explain the impact on the financial statements if this entry is not recorded.arrow_forwardMetlock, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $40320. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end? Dr Salaries and Wages Expense $24192 Cr Salaries and Wages Payable $24192 Dr Salaries and Wages Expense $40320 Cr Salaries andWages Payable $40320 Dr Salaries and Wages Expense $24192 Cr Cash $24192 Dr Salaries and Expense $8064 Cr Salaries and Wages Payable $8064arrow_forward
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