Alex is an independent contractor and performed 3 hours of work for you that you will bill to your customer at a rate of $40 per hour. Alex's rate is $25 per hour. When you entered the bill you received from Alex for his time, what is the journal entry that is recorded? (If no entry is required, select "No debit" or "No credit" in the account fields.) Account Contract labor expense Accounts payable Debit 0 0 Credit 0x 120 x
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- Record in journal form the following transaction: U Co paid wages $60Answer the question and explain why did you choose this answerQuestion: wages and payroll the following system is used in a business regarding payment of the weekly wages to its 20 employees " the pay clerk prepares 20 correctly Labelled, sealed pay envelope and placed them next to the time book every Friday morning. When the employees come in the morning to sign the time book they pick their pay envelopes.' reqiured: please answer this question by: a) with reference to the above, identify one weakness of the system.ss
- Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…Don't provide answers in image formatces Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,800 account of a customer, C. Green. On March 9, it receives a $1,300 payment from Green. 1. Prepare the journal entry for January 31. 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list No 1 2 3 Date View journal entry worksheet January 31 March 09 March 09 General Journal Allowance for doubtful accounts Accounts receivable C. Green Accounts receivable-C. Green Allowance for doubtful accounts Cash Accounts receivable C. Green Debit 1,800 1,300 1,300 Credit 1,800 1,300 1,300
- Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as an Accounting Officer. As per job description, you are required to assist in the preparation of the financial statements. The Accounts Manager has extracted a list of balances as at December 2021 for you to review. Revenue 7 600 010 Administrative Expenses 2 300 000 Distribution Costs 980 231 Interest paid on loan Purchases 125 000 4 500 330 1 018 900 Inventories at 1 January 2021 Trade receivables 630 340 Provision for doubtful debts at Jan 2021 19 634 Bad debts 70 110 Non- current Investment 300 900 Additional notes i. Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021 and Distribution Costs of $50 528 owing at 31 December 2021 Provision for Doubtful Debts is to be maintained at 10% of receivables ii. iii. Inventories at 31 December 2021 were valued at $1 000 000 iv. Provide for corporation tax of S80 000 which is payable on October 1, 2022 Loan interest…What is the FIT, SIT, and NET pay to complete the payroll chart?Completing a payroll register 1 € (30 min) Check Figure Net Pay $2,529.97 P10-2A. Nickels Company of Windsor has five salaried employees. Your task is to record the following information for the last week of March in a payroll register. Use the tables in the chapter appendices to determine deductions. Claim Code 3 1 1 Department Sales Sales Weekly Salary $950 620 980 650 Employee Jenny Quan Frank Sloan Alberta Nobel Office Jeremy Gold Office 4 Assume that each employee contributes $12 per week for union dues.
- ABC Co. holds job interviews this week and agrees to hire Juan at a weekly rate of $1,000 ($200/day for 5 workdays in a week) starting next Monday. How much in payroll expense does it recognize this week? Use accrual accounting rules to solve. O A. $1,000 B. It depends on how many days there are left in the week from the date Juan is hired. O C. No payroll expense is recorded. D. It depends on whether Juan was paid any amount at all this week.help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all workingFollowing are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $120 per day. March 25 The company sold merchandise with a $2,100 cost for $3,300 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $960 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $96. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.…