Business
AccountingCornerstones of Financial AccountingAccrued Wages and Payment of Payroll Hansen Legal offices are open Monday through Friday, and Hansen pays employees salaries of $35,000 every other Friday. During the current year December 31 falls on a Wednesday, and the next payday is January 7. Required: Given this information, determine the adjusting journal entry that Hansen must make on December 31 as well as the journal entry to record the payment of the payroll on January 7.
close solutoin list

Accrued Wages and Payment of Payroll Hansen Legal offices are open Monday through Friday, and Hansen pays employees salaries of $35,000 every other Friday. During the current year December 31 falls on a Wednesday, and the next payday is January 7. Required: Given this information, determine the adjusting journal entry that Hansen must make on December 31 as well as the journal entry to record the payment of the payroll on January 7.

BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12MCQ
Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16MCQ
Problem 17MCQ
Problem 18MCQ
Problem 19CE
Problem 20CE
Problem 21CE
Problem 22CE
Problem 23CE
Problem 24CE
Problem 25CE
Problem 26CE
Problem 27CE
Problem 28CE
Problem 29CE
Problem 30CE
Problem 31CE
Problem 32CE
Problem 33CE
Problem 34CE
Problem 35BE
Problem 36BE
Problem 37BE
Problem 38BE
Problem 39BE
Problem 40BE
Problem 41BE
Problem 42BE
Problem 43BE
Problem 44BE
Problem 45BE
Problem 46BE
Problem 47BE
Problem 48BE
Problem 49BE
Problem 50BE
Problem 51BE
Problem 52BE
Problem 53BE
Problem 54BE
Problem 55BE
Problem 56BE
Problem 57BE
Problem 58BE
Problem 59BE
Problem 60E
Problem 61E
Problem 62E
Problem 63E
Problem 64E
Problem 65E
Problem 66E
Problem 67E
Problem 68E
Problem 69E
Problem 70E
Problem 71E
Problem 72E
Problem 73APSA
Problem 74APSA
Problem 75APSA
Problem 76APSA
Problem 77APSA
Problem 78APSA
Problem 79APSA
Problem 80APSA
Problem 73BPSB
Problem 74BPSB
Problem 75BPSB
Problem 76BPSB
Problem 77BPSB
Problem 78BPSB
Problem 79BPSB
Problem 80BPSB
Problem 81.1C
Problem 81.2C
Problem 81.3C
Problem 82.1C
Problem 82.2C
Problem 82.3C
Problem 83.1C
Problem 83.2C
Problem 83.3C
Problem 83.4C
Problem 83.5C
Problem 83.6C
Problem 83.7C
Problem 83.8C
Problem 83.9C
Problem 84.1C
Problem 84.2C
Problem 84.3C
Problem 84.4C
Problem 84.5C
Problem 84.6C
Problem 84.7C
Problem 84.8C
Problem 85.1C
Problem 85.2C
Problem 85.3C
Chapter 8, Problem 46BE
Textbook Problem

Accrued Wages and Payment of Payroll

Hansen Legal offices are open Monday through Friday, and Hansen pays employees salaries of $35,000 every other Friday. During the current year December 31 falls on a Wednesday, and the next payday is January 7.

Required:

Given this information, determine the adjusting journal entry that Hansen must make on December 31 as well as the journal entry to record the payment of the payroll on January 7.

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.See solution
Chapter 8,
Problem 45BE
Chapter 8,
Problem 47BE

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 8 Solutions

Cornerstones of Financial Accounting
Show all chapter solutions
Ch. 8 - What are liabilities?Ch. 8 - How is the amount of a liability measured?Ch. 8 - When are most liabilities recognized?Ch. 8 - What are current liabilities? Provide some common...Ch. 8 - Describe at least two ways in which current...Ch. 8 - What is the difference between an account payable...Ch. 8 - What sort of transaction typically creates an...Ch. 8 - What do we mean by accrued liabilities? Provide...Ch. 8 - What type of transaction typically creates a note...Ch. 8 - Why is interest ignored when valuing accounts...
Ch. 8 - How is interest computed on an interest-bearing...Ch. 8 - When would debt that must be repaid within the...Ch. 8 - Provide examples of payroll taxes that are paid by...Ch. 8 - Why do unearned revenues and customers' deposits...Ch. 8 - What are contingent liabilities? Provide an...Ch. 8 - When is a contingency recognized as a liability?Ch. 8 - Why is the liability for warranties recognized...Ch. 8 - Describe the circumstances under which the...Ch. 8 - Describe the differences between the current,...Ch. 8 - How does the rationale for the operating cash flow...Ch. 8 - Liabilities are recognized in exchange for a....Ch. 8 - When reporting liabilities on a balance sheet, in...Ch. 8 - Refer to the information for Kinsella Seed above....Ch. 8 - Refer to the information for Kinsella Seed above....Ch. 8 - Which of the following is not a current liability?...Ch. 8 - Which of the following is not an example of an...Ch. 8 - Kramerica Inc. sold 350 oil drums to Thompson...Ch. 8 - All of the following represent taxes commonly...Ch. 8 - Payroll taxes typically include all of the...Ch. 8 - When a credit is made to federal income taxes...Ch. 8 - When should a contingent liability be recognized?...Ch. 8 - Which of the following is true? a. No journal...Ch. 8 - ABC Advisors is being sued by a former customer....Ch. 8 - Warranty expense is a. recorded as it is incurred....Ch. 8 - To record warranties, the adjusting journal entry...Ch. 8 - How is the current ratio calculated? a. Current...Ch. 8 - How is the cash ratio calculated? a. Current...Ch. 8 - Which of the following transactions would cause...Ch. 8 - Issuing Notes Payable On June 30, Carmean Inc....Ch. 8 - Notes Payable Rogers Machinery Company borrowed...Ch. 8 - Accrued Interest On August 1, Wilshire Company...Ch. 8 - Accrued Interest On March 1, the Garner...Ch. 8 - Accrued Wages Skiles Companys weekly payroll...Ch. 8 - Sales and Excise Tax Garners Antique Hot Rods...Ch. 8 - Sales Tax Cobb Baseball Bats sold 45 bats for $50...Ch. 8 - Payroll Taxes Hernandez Builders has a gross...Ch. 8 - Payroll Taxes Kinsella Inc. has a gross payroll of...Ch. 8 - Payroll Taxes During October, Seger Insurance...Ch. 8 - Unearned Sales Revenue Brand Landscaping offers a...Ch. 8 - Unearned Rent Revenue EWO Property Management...Ch. 8 - Warranties In 2019, BMJ Plumbing Company sold 250...Ch. 8 - Warranties In 2019, Waldo Balloons sold 50 hot air...Ch. 8 - Liquidity Ratios NWAs financial statements contain...Ch. 8 - Liquidity Ratios GERs financial statements contain...Ch. 8 - Accounts Payable On May 18, Stanton Electronics...Ch. 8 - Accounts and Notes Payable On February 15, Barbour...Ch. 8 - Issuing Notes Payable On September 30, Bello...Ch. 8 - Notes Payable Renchen Company, which manufactures...Ch. 8 - Accrued Interest On July 1, Brimley Company issued...Ch. 8 - Accrued Interest On May 1, the Garnett Corporation...Ch. 8 - Accrued Property Taxes Annual property taxes...Ch. 8 - Accrued Income Taxes Nolan Inc. had taxable income...Ch. 8 - Accrued Wages Natalies Bakery pays its 20 hourly...Ch. 8 - Accrued Wages A company employs a part-time staff...Ch. 8 - Accrued Wages Employees earn $2,500 per day, work...Ch. 8 - Accrued Wages and Payment of Payroll Hansen Legal...Ch. 8 - Sales and Excise Tax Bettys Antique Shop, a shop...Ch. 8 - Sales Tax Farrahs Furniture sold 35 couches to...Ch. 8 - Payroll Taxes Sids Grocery Store has 100 employees...Ch. 8 - Payroll Taxes Champaign Inc., a company that...Ch. 8 - Payroll Taxes Its the Tooth Dental works to...Ch. 8 - Unearned Sales Revenue Curtiss Carpet Cleaning...Ch. 8 - Unearned Rent Revenue Mannion Property Management...Ch. 8 - Contingent Liabilities Many companies provide...Ch. 8 - Contingent Liabilities SLC Electronics is the...Ch. 8 - Warranties In 2019, Lee Electronics, a franchise...Ch. 8 - Warranties Wallys Party Warehouse provides...Ch. 8 - Liquidity Ratios JRLs financial statements contain...Ch. 8 - Liquidity Ratios SJMs financial statements contain...Ch. 8 - Accrued Wages Rising Stars Gymnastics pays its...Ch. 8 - Recording Various Liabilities Glenview Hardware...Ch. 8 - Recording Various Liabilities Plymouth Electronics...Ch. 8 - Reporting Liabilities Morton Electronics had the...Ch. 8 - Accounts Payable Sleek Ride, a company providing...Ch. 8 - Accrued Liabilities Charger Inc. had the following...Ch. 8 - Accrued Liabilities Thornwood Tile had the...Ch. 8 - Sales Tax Far and Wide Broadband provides Internet...Ch. 8 - Payroll Accounting and Discussion of Labor Costs...Ch. 8 - Unearned Revenue Jennifers Landscaping Services...Ch. 8 - Recognition and Reporting of Contingent...Ch. 8 - Warranties Eds Athletics sells bicycles and other...Ch. 8 - Ratio Analysis Intel Corporation provided the...Ch. 8 - Payable Transactions Richmond Company engaged in...Ch. 8 - Payroll Accounting Jet Enterprises has the...Ch. 8 - Note Payable and Accrued Interest Fairbome Company...Ch. 8 - Interest-Bearing Note Replacing an Unpaid Account...Ch. 8 - Excise Taxes Reagan Gas provides gas utilities to...Ch. 8 - Unearned Revenue and Customer Deposits On November...Ch. 8 - Warranties Lincoln Repairs and Detailing has...Ch. 8 - Ratio Analysis Consider the following information...Ch. 8 - Payable Transactions Daniels Company engaged in...Ch. 8 - Payroll Accounting McLaughlin Manufacturing has...Ch. 8 - Note Payable and Accrued Interest Ellsworth...Ch. 8 - Interest-Bearing Note Replacing an Unpaid Account...Ch. 8 - Yossarian Power Corporation provides electricity...Ch. 8 - Unearned Revenue and Customer Deposits On December...Ch. 8 - Warranties Montague Auto Repair specializes in the...Ch. 8 - Ratio Analysis Consider the following information...Ch. 8 - Ethics and Current Liabilities Many long-term...Ch. 8 - Ethics and Current Liabilities Many long-term...Ch. 8 - Ethics and Current Liabilities Many long-term...Ch. 8 - Short-Term Borrowing with Restrictions Rocky...Ch. 8 - Short-Term Borrowing with Restrictions Rocky...Ch. 8 - Short-Term Borrowing with Restrictions Rocky...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Research and Analysis Using the Annual Report...Ch. 8 - Comparative Analysis: Under Armour, Inc., versus...Ch. 8 - Comparative Analysis: Under Armour, Inc., versus...Ch. 8 - Comparative Analysis: Under Armour, Inc., versus...Ch. 8 - Comparative Analysis: Under Armour, Inc., versus...Ch. 8 - Comparative Analysis: Under Armour, Inc., versus...Ch. 8 - Comparative Analysis: Under Armour, Inc., versus...Ch. 8 - Comparative Analysis: Under Armour, Inc., versus...Ch. 8 - Comparative Analysis: Under Armour, Inc., versus...Ch. 8 - CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT Front...Ch. 8 - CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT Front...Ch. 8 - CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT Front...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
Referring to Appendix 9A, discuss fully the following statement: Protecting the private key is a critical eleme...

Accounting Information Systems

Financial statements and closing entries Lamp Light Company maintains and repairs warning lights, such as those...

Financial & Managerial Accounting

Financial statements The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, th...

Accounting

Transactions for fixed assets, including sale The following transactions and adjusting entries were completed b...

Corporate Financial Accounting

As you learned in this chapter, managers often work long hours at a hectic pace. Would this type of career appe...

Foundations of Business (MindTap Course List)

Using supply-and-demand diagrams, show the effect of the following events on the market for sweatshirts. a. A h...

Brief Principles of Macroeconomics (MindTap Course List)

DEBT TO CAPITAL RATIO Kayes Kitchenware has a market/book ratio equal to 1. Its stock price is 12 per share and...

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

The article cited in Exercise 20 also gave the following values of the variables y = number of culs-de-sac and ...

Probability and Statistics for Engineering and the Sciences

Until now, we have assumed that XOMs dividend will grow at a long-run constant rate of 5%. To gauge whether thi...

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

Why should policymakers think about incentives?

Principles of Microeconomics (MindTap Course List)

What are some of the underlying motivations that prompt individuals to agree to requests that do not directly b...

Essentials of Business Communication (MindTap Course List)

(Opportunity Cost) You can spend spring break either working at home for $80 per day for five days or go to Flo...

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

The following data show the number of rental cars in service for three rental car companies: Hertz, Avis, and D...

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Discuss each of the following statements from the standpoints of equality and efficiency. a. Everyone in societ...

Principles of Economics (MindTap Course List)

(Economic Systems) The United States is best described as having a mixed economy. What are some elements of com...

ECON MICRO

UNEVEN CASH FLOW STREAM a. Find the present values of the following cash flow streams at a 5% discount rate. b....

Fundamentals of Financial Management (MindTap Course List)

A senator wants to raise tax revenue and make workers better off. A staff member proposes raising the payroll t...

Principles of Macroeconomics (MindTap Course List)

Entries to write off accounts receivable Creative Solutions Company, a computer consulting firm, has decided to...

Financial And Managerial Accounting

If cost were not an issue, describe the characteristics of your ideal computer. What would you use it for? Woul...

Principles of Information Systems (MindTap Course List)

How does HanaTour use the data it collects from the audit to increase the security of its data?

Fundamentals of Information Systems

Your normal work activities and responsibilities have not allowed you time to become familiar with this project...

Fundamentals of Information Systems

What is PCI DSS and why is it important for information security?

Principles of Information Security (MindTap Course List)

Add to the PADDLING table a new character column named DIFFICULTY_LEVEL that is three characters in length. The...

A Guide to SQL

Use the contents of Figure 2.1 to work Problems 13 Using the ERD you drew in Problem 2, create the equivalent o...

Database Systems: Design, Implementation, & Management

Explain why the cost of ownership may be lower with a cloud database than with a traditional, company database.

Database Systems: Design, Implementation, & Management

A spherical stainless-steel tank having a diameter of 26 in. is used to store propane gas at a pressure of 2075...

Mechanics of Materials (MindTap Course List)

Briefly describe the principle of laser machining.

Precision Machining Technology (MindTap Course List)

On most vehicles, the automatic adjuster cables or levers are. installed on the secondary shoe set up to operat...

Automotive Technology: A Systems Approach (MindTap Course List)

Repeat Problem 2.10 with the following values: Gs = 2.70, temperature of water = 23, t = 120 min, and hydromete...

Fundamentals of Geotechnical Engineering (MindTap Course List)

Identify three data sources that might be tapped to obtain the desired data about its patrons.

Principles of Information Systems (MindTap Course List)

The period of oscillation for a pendulum on Earth is 2 seconds. If the given pendulum oscillates with a period ...

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

Which international InfoSec standards have evolved from the BS7799 model? What do they include?

Management Of Information Security

Agile methods use rapid development cycles to iteratively produce running versions of the system. How would the...

Systems Analysis and Design (Shelly Cashman Series) (MindTap Course List)

. Determine the composition of the waste in Problem 2-14 if yard waste is separately collected. How would this ...

Solid Waste Engineering

The system is a large ship and everything inside it. The ship turns off its engines, and is floating in the oce...

Fundamentals of Chemical Engineering Thermodynamics (MindTap Course List)

The grain-size distribution curves for three different sands (A, B, and C) are shown in Figure 2.34. Figure 2.3...

Principles of Geotechnical Engineering (MindTap Course List)

What resistance must be used when the motor in question 3 reaches 50 percent of its rated speed? If an armature...

Electric Motor Control

The two forces are applied to the end of the boom OA. Determine the force F so that the resultant of the two fo...

International Edition---engineering Mechanics: Statics, 4th Edition

The residence in this text is heated with (Circle the correct answer.) a. gas. b. electricity. c. oil.

EBK ELECTRICAL WIRING RESIDENTIAL

While discussing the causes of extreme engine bearing damage Technician A says that contaminated and old engine...

Automotive Technology

Same as Problem 3.7-2, but use allowable stress design.

Steel Design (Activate Learning with these NEW titles from Engineering!)

Describe the purpose and functions of a server. Differentiate among rack, blade, and tower servers.

Enhanced Discovering Computers 2017 (Shelly Cashman Series) (MindTap Course List)

Determine the approximate axial forces, shears, and moments for all the members of the frames shown in Figs. P1...

Structural Analysis

About a year ago, you purchased and installed a new router at one of your companys satellite offices, and you h...

Network+ Guide to Networks (MindTap Course List)

At the end of 20-2, Martel Co. had 380,000 in Accounts Receivable and a debit balance of 6,000 in Allowance for...

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

What are the five control objectives of an operating system?

Accounting Information Systems

Carpenter Company adopted a defined benefit pension plan for its employees on January 1, 2019. At the time of a...

Intermediate Accounting: Reporting And Analysis

Net present value method and present value index Diamond Turf Inc. is considering an investment in one of two ...

Accounting (Text Only)

Lily Shultz is a junior majoring in hotel and restaurant management. She wants to work for a large hotel chain ...

Cornerstones of Cost Management (Cornerstones Series)

Effect of omitting adjustment At the end of August, the first month of the business year, the usual adjustment ...

Survey of Accounting (Accounting I)

Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percen...

Financial Accounting

What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the payment is rece...

College Accounting (Book Only): A Career Approach

What are the three major parts of a T account?

College Accounting, Chapters 1-27

Calculating the Predetermined Overhead Rate, Applying Overhead to Production, Reconciling Overhead at the End o...

Managerial Accounting: The Cornerstone of Business Decision-Making

Product and period costs Identify the following costs as a product cost or a period cost for an automobile manu...

Financial & Managerial Accounting

Sandblasting equipment acquired at a cost of 40,000 has an estimated residual value of 8,000 and an estimated u...

Financial Accounting

The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and ...

PAYROLL ACCT.,2019 ED.(LL)-TEXT

A portion of Anderson Publishings work sheet for the year ended December 31 follows: Required 1. Determine the ...

College Accounting (Book Only): A Career Approach

Rules of debit and credit The following table summarizes the rules of debit and credit. For each of the items A...

Corporate Financial Accounting

Brady Furniture Company manufactures wooden oak furniture. The company employs a job cost system to trace manuf...

Managerial Accounting

Summarize the five most commonly used demographic variables.

Contemporary Marketing

Which country improved the most in terms of making it easier for companies to do business? France Burundi Japan...

Understanding Management (MindTap Course List)

Fill in the blanks in the accompanying table shown at the bottom of page and answer the following questions: a....

Economics: Private and Public Choice (MindTap Course List)

The marginal utility of good A is 4 utils, and its price is 2. The marginal utility of good B is 6 utils, and i...

Microeconomics

BETA COEFFICIENTS Suppose Chance Chemical Companys management conducted a study and concluded that if it expand...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

In the accompanying figure, if Natural Real GDP is Q2, in what state is the economy at point A?

Economics (MindTap Course List)

What is the major function of the middleman? Would people be better off if there were no middlemen? Why or why ...

Macroeconomics: Private and Public Choice (MindTap Course List)

What does ECB stand for? Where is the ECB located?In what way is central banking in the euro-areacountries simi...

Economics:

What is the nature of the deadweight loss accompanying taxes? Why is it often referred to as an excess burden?

Microeconomics: Private and Public Choice (MindTap Course List)

TIME VALUE OF MONEY Answer the following questions: a. Assuming a rate of 10% annually, find the FV of 1,000 af...

Fundamentals of Financial Management (MindTap Course List)

Identify the weakness in each sentence, and write an improved version. It is essential that you learn to design...

Bcom

Whit is ISO certification? Why would a global company like GF want ISO certification.'

Management, Loose-Leaf Version

The real balances effect occurs because a higher price level will reduce the real value of peoples a. financial...

MACROECONOMICS FOR TODAY

In a perfectly competitive industry with external costs, which of the following is true? a. The competitive pri...

Micro Economics For Today

Suppose the following data represent points along a short-run Philips curve. Are the data consistent with what ...

Exploring Economics

How important is labor mobility in determining whether an area is an optimal currency area?

Macroeconomics

Discuss the four enablers of purchasing and supply chain excellence.

Purchasing and Supply Chain Management

(Real Wages) In the accompanying exhibit, how does the real wage rate at point c compare with the real wage rat...

ECON MACRO

Adam Smith's invisible hand" refers to a. the subtle and often hidden methods that businesses use to profit at ...

Essentials of Economics (MindTap Course List)

The following is a list of eight control plans from this chapter: Control Plans A. Limit checks B. Tickler file...

Pkg Acc Infor Systems MS VISIO CD

List and explain a variety of pricing objectives

MKTG 12:STUDENT ED.-TEXT

Is absolute advantage or comparative advantage more important for trade? Explain your reasoning using the examp...

Principles of Microeconomics

Using the aggregate expenditures model, assume the aggregate expenditures (AE) line is above the 45-degree line...

Economics For Today

Using the numbers in the preceding question, what is the size of Ectenias labor force? a. 50 b. 60 c. 70 d. 80

Principles of Macroeconomics (MindTap Course List)

Broker Sonya Wong is currently trying to maximize her profit in the bond market. Four bonds are available for p...

Practical Management Science

bartleby
  • Contact Research (Essays)
  • High School Textbooks
  • Literature Guides
  • Essay Help
  • Mobile App
    • © 2021 bartleby. All Rights Reserved.