If a utilities expense is incurred in February but is not paid until March, the following will be an effect on the financial statements in February
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If a utilities expense is incurred in February but is not paid until March, the following will be an effect on the financial statements in February
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- On September 30, Cody Companys selected account balances are as follows: In general journal form, prepare the entries to record the following: Oct. 15Payment of liabilities for FICA taxes and the federal income tax. 31Payment of liability for state unemployment tax. 31Payment of liability for federal unemployment tax.The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all…What is the total book receipts for December?
- If an insurance expense is incurred in February but was paid in January, the journal entry recorded in January isCalculate what the revenue would be on the Income Statement for March Calculate what the deferred revenue would be on the Balance Sheet for March.Sole this journal entry Question: Record the appropriate adjustment to the January and February revenue.
- Assume the following data for Casper Company before its year-end adjustments: Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returnsCustomer allowances and returnsAssume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returnsCalculate what the revenue would be on the Income Statement for March Calculate what the deferred revenue would be on the Balance Sheet for March Explain what happens to revenue and deferred revenue as the months' progress. Explain when revenue can be recognized and why.
- Refer to Exhibit 6-1. Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.Reviewing payroll records indicates that employee salaries that are due to be paid on January 3include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payableaccount at that time. Based on the information provided, make the December 31 adjusting journal entry tobring the balances to correct.Prepare the journal entry to record the payment of the payroll for the week
