Accounting:completing a worksheet -Completing a Work SheetThe general ledger accounts and balances for Cradle Mountain Corporation on December31 of the current year are given below. The business uses a monthly fiscal period.BCashPetty CashAccount TitlesAccounts Receivable-Cannes CompanyAccounts Receivable-Franklin CompanySuppliesPrepaid InsuranceAccounts Payable-Mooka CompanyAccounts Payable-Queenstown SupplyMatthew Hinz, CapitalMatthew Hinz, DrawingIncome SummarySalesAdvertising ExpenseCash Short and OverInsurance ExpenseMiscellaneous ExpenseRent ExpenseSupplies ExpenseUtilities ExpenseAccount Balances3. Complete the work sheet.Debit9,000.00100.00150.00200.003,000.00-1,800.00400.00290.0010.0090.00850.00550.00Credit1,160.00280.008,200.006,800.00(a) Supplies on hand(b) Ending balance of prepaid insuranceDirections:1. Prepare the heading and trial balance on the work sheet. Total and rule the Trial Balance columwork sheet on the next page.2. Analyze the following adjustment information into debit and credit parts. Record the adjustwork sheet.Adjustment Information, December 312014 Ceneage f$ 700.001,600.00C

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Description: Accounting:completing a worksheet -Completing a Work SheetThe general ledger accounts and balances for Cradle Mountain Corporation on December31 of the current year are given below. The business uses a monthly fiscal period.BCashPetty CashAccount Tit

A Worksheet is a special type of working paper where the accountants organize data and important…

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Accounting

The general ledger accounts and balances for Cradle Mountain Corporation on December 31 of the current year are given below. The business uses a monthly fiscal period. Account Titles Cash Petty Cash Accounts Receivable-Cannes Company Accounts Receivable-Franklin Company Supplies Account Balances Debit 9,000.00 100.00 150.00 200.00 3,000.00 -1,800.00 Credit

The general ledger accounts and balances for Cradle Mountain Corporation on December 31 of the current year are given below. The business uses a monthly fiscal period. Account Titles Cash Petty Cash Accounts Receivable-Cannes Company Accounts Receivable-Franklin Company Supplies Account Balances Debit 9,000.00 100.00 150.00 200.00 3,000.00 -1,800.00 Credit

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1WT

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Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: a.Prepare an income statement. b.Compare your income statement with the income statement that is available at the FedEx Corporation Web site, (http://investors.fedex.com). Click on Annual Report and Download Annual Report. What similarities and differences do you see?
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Journal Entries for Accounts and Notes ReceivableLancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $15,000, 60 day, eight percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received a $18,000, 120 day, nine percent note from B. Shore Company on account. Dec.16 Received a $14,400, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore’s account as uncollectible. Lancaster, Inc., uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $22,600. An analysis of aged receivables indicates that the desired balance of the allowance account should be $19,500. Dec.31 Made the…
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