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Getting ready for the upcoming holiday season is traditionally a busy time for greeting card com-panies, and it was no exception for Kate. The following transactions occurred during the month of October: 1. Hired an assistant at an hourly rate of $10 per hour to help with some of the computer layouts and administrative chores. 2. Supplements her business by teaching a class to aspiring card designers. She charges and receives a total of $450. 3. Delivers greeting cards to several new customers. She bills them a total of $1,500. 4. Pays a utility bill in the amount of $250 that she determines is the business portion of her utility bill. 5. Receives an advance deposit of $500 for a new set of cards she is designing for a new customer. 6. Pays her assistant $200 for the work done this month. 7. Determines that the assistant has worked 10 additional hours this month that have not yet been paid. 8. Ordered and receives additional supplies in the amount of $1,000. These were paid for during the month. 9. Counts her remaining inventory of supplies at the end of the month and determines the balance to be $300. Don't forget to consider the supplies inventory balance at September 30, from Chapter 2. (Hint: This expense will be a debit to Cost of Goods Sold.) 10. Records the
Using the information that you gathered and the general ledger accounts that you prepared through Chapter 2, plus the new information above, complete the following: a. Journalize the above transactions and adjusting entries. b.
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- 1.Jill is paid a yearly salary of $90,000. How does she make per month? 2. A salesman is paid a 6% commission on his net sales. Find his gross wages for the past month if his gross sales totaled $91,568 and he had $5,568 of returns and allowances. 3. A salesman receives a salary of $500 per week plus an 8% commission on all sales in excess of $1,800. What were his wages last week, if gross sales totaled $18,714 and returns were $5,714? Group of answer choices A.$1,481.12 B.$1,981.12 C.$1,040 D.$1,396 4. An auctioneer earns a commission on the total value of the property he sells. If he earns $2,700 on the sale of $18,000 worth of property, at what percentage rate is he paid? Group of answer choices A.0.15% B.15% C.1.5% D.1 1/2% 5. A computer programmer, who is covered by the Fair Labor Standards Act, is paid a salary of $1,260 a week for a normal work week of 35 hours. If she works 42 hours in a week, her gross pay for the week would be Group…arrow_forwardLeon Jones worked in the warehouse of a large building supply company. One day he unexpected left for Fiji, never to return. His supervisor seized the opportunity to continue submit time cards for Leon to the payroll department. Each week, as part of his normal duties, the supervisor received the employee pay cheques from payroll and distribute them to the workers on his shift. As Leon was not present to collect his pay cheque, the supervisor forged Leon’s name and cashed it.Required:Describe two control techniques to prevent or detect this fraud scheme.arrow_forwardBeached is a retail outlet situated in a very popular tourist town not far from Canberra. It is very popular during school holidays, with the peak tourist season being in December and January. Sales consist of cash sales to retail customers (70%) and credit sales to tourist operators (30%). Credit sales are collected 20% in the month of sale, 60% in the month following the sale and 20% in the second month following the sale. Opening Accounts Receivable are $120,000. Inventory is marked-up 70% on cost and inventory opening balances are required to be 60% of the month's expected sales. Inventory is purchased on credit with 40% paid in the month following the purchase and the remainder paid two months following the purchase. Opening Accounts Payable is $80,000. Using tha above information, prepare the following: 1. Prepare a cash receipts budget for the six months 2. Prepare a cash payments budget for the six months 3. Prepare a budgeted pfofit and loss to Gross Profit for the six months…arrow_forward
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