McFriend Inc. records its liabilities for employees' vacations at the end of each month. For the month of January, McFriend had 50 employees who are paid an average of $176 per day. The company allows 15 paid vacation days per year. Prepare the journal entry to record the vacation accrual for January.

Following are transactions for Vitalo Company. 1 Accepted a $3,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due account receivable. Nov. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31s and April 30" and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest General Journal Amounts Complete the table to calculate the interest amounts at December 31st and April 30th. November 1 January 1 Total Through Through Through Maturity December 31 April 30 Principal Rate (%) Time Total interest

The company has a mortgage note payable for $1,500,000 that comes due in year 3. this note is paid by the signing of a new 14% note for the amount due. how do I prepare the journal entry to record this refinancing of the old note?

Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2023, accounts receivable were $610,000 and the allowance account had a credit balance of $74,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group $ 610,000 2,800,000 (2,663,000) (57,000) $ 690,000 0-60 days 61-90 days 91-120 days over 120 days Total Amount $ 460,000 78,000 67,000 85,000 $ 690,000 Percent Uncollectible 44 15 26 41 Required: 1. Prepare a summary…

Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $15,600, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $6,500 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $3,400. Demello billed the customer on January 7, 2022, and collected the full amount on 3. January 18, 2022. 4. Demello received the $480 December utility bill on January 10, 2022.…

The following information relates to the Crane Company at the end of 2020. The accounting period is the calendar year. 1.   Employees are paid every Friday for the five-day week ending on that day. Salaries amount to $3,700 per week. The accounting period ends on a Tuesday. 2.   A note for $6,200 was received from a customer in a sales transaction on April 1, 2020. The note matures in one year and bears 6% interest. 3.   On September 1, 2020, Crane borrowed $12,300 cash by signing a note payable due in one year at 8% interest. Using the information given above, prepare the necessary adjusting entries at December 31, 2020.

Fisher minus Wallace Corporation signed a six-month note payable on October 23, 2021. What accounts relating to the note payable will be reported on its financial statements for the fiscal year ending December 31, 2021?

On April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make when it records payment of the note on the maturity date? (Use 360 days a year.)

Crane Inc. has an annual unlimited vacation policy for its employees and the eligibility requirement is to be an employee of the company. Crane has 40 employees with average annual salaries of $50400. Crane expects its employees to take vacation evenly during the year. In the previous year, its employees took on average 4 weeks of vacation. How much vacation liability should be on the balance sheet at June 30, 2025? O $168000 O $336000 O $0 O $84000

During the month of January, an employee earned $4,800 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $297.60, FICA Medicare taxes of $69.60, federal income taxes of $511.20, and medical insurance deductions of $204.00. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record payroll for period. Note: Enter debits before credits. Date January 31 General Journal Debit Credit >