Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 3, Problem 30BE
To determine
Journalize the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202)
Home
Read, Study & Practice
Assignment
Gradebook
ORION
Downloadable eTextbook
Assignment > Open Assignment
CALCULATOR
FULL SCREEN
PRINTER VERSION
(BACK
NEXT
Exercise 11-11 a-b (Part Level Submission)
Ramirez Company has the following data for the weekly payroll ending January 31.
Hours
Hourly
Rate
Federal Income
Health
Insurance
Employee
M
T.
F
Tax Withholding
L. Helton
8
8.
10
3
$12
$34
$10
R. Kenseth
8
8.
8
8
8
2
14
37
25
8 9
D. Tavaras
10
8.
15
58
25
Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemployment
taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings.
v (a)
Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.)
RAMIREZ COMPANY
Payroll Register
For the Week Ending January 31
Earnings…
Learning Objective 3: Purchase inventory, accrue interest, and pay a short-termnote) On August 1, 2019, The Shoppes at Mill Lake, Inc., purchased inventory costing $40,000by signing a 6%, six-month, short-term note payable. The company will pay the entire note(principal and interest) on the note’s maturity date.Requirements1. Journalize the company’s purchase of inventory.2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2019.3. At December 31, 2019, what is reported on the balance sheet related to this note payable?4. Record the payment of the note payable (principal and interest) on its maturity date
(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.
Chapter 3 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ
Ch. 3 - Prob. 1SCCh. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SCCh. 3 - Prob. 6SCCh. 3 - Prob. 7SCCh. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SCCh. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SCCh. 3 - Prob. 12SCCh. 3 - Prob. 1SECh. 3 - Prob. 2SECh. 3 - Prob. 3SECh. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SECh. 3 - Prob. 6SECh. 3 - Prob. 7SECh. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SECh. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SECh. 3 - Prob. 12SECh. 3 - Preparing a post-closing trial balance (Learning...Ch. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AECh. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AECh. 3 - Prob. 20AECh. 3 - Prob. 21AECh. 3 - Prob. 22AECh. 3 - Preparing a financial statement (Learning...Ch. 3 - Prob. 24AECh. 3 - Prob. 25AECh. 3 - Prob. 26AECh. 3 - Prob. 27AECh. 3 - Prob. 28BECh. 3 - Prob. 29BECh. 3 - Prob. 30BECh. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BECh. 3 - Prob. 34BECh. 3 - Prob. 35BECh. 3 - Prob. 36BECh. 3 - Prob. 37BECh. 3 - Prob. 38BECh. 3 - Prob. 39BECh. 3 - Prob. 40BECh. 3 - Preparing closing entries (Learning Objective 4)...Ch. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43APCh. 3 - Prob. 44APCh. 3 - Prob. 45APCh. 3 - Prob. 46APCh. 3 - Prob. 47APCh. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Re-creating adjusting journal entries from a trial...Ch. 3 - Preparing adjusting journal entries and an...Ch. 3 - Effects of adjusting journal entries on income...Ch. 3 - Preparing financial statements (Learning Objective...Ch. 3 - Preparing closing entries and a post-closing trial...Ch. 3 - This exercise continues the accounting process for...Ch. 3 - This problem continues the accounting process for...Ch. 3 - Prob. 1CFSAPCh. 3 - Prob. 1EIACh. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FACh. 3 - Prob. 1IACh. 3 - Prob. 1SBACh. 3 - Written Communication You have received a letter...Ch. 3 - Journalizing, Posting, Adjusting, Preparing, and...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- (Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward(Learning Objective 5: Evaluate collectibility using the allowance for uncollectibleaccounts) At the end of the current year (before adjusting entries), Autumn Corporation hada balance of $76,000 in Accounts Receivable and a credit balance of $11,000 in Allowance forUncollectible Accounts. Service revenue (all on credit) for the year totaled $490,000.RequirementsConsider each of the following two independent situations.1. Using the percent-of-sales method, calculate the amount of Uncollectible-Account Expenseif Autumn Corporation estimates its uncollectible-account expense using a rate of 2% ofcredit sales. What is the ending balance of the Allowance for Uncollectible-Accounts underthis scenario?2. Now assume that Autumn Corporation uses the aging-of-receivables method. AutumnCorporation estimates that its Allowance for Uncollectible Accounts should have a creditbalance of $21,000. Calculate the amount of its Uncollectible-Account Expense. What isthe ending balance of the Allowance for…arrow_forwardLearning Task 2: Journalizing using Periodic Inventory System Prepare necessary adjusting entries on September 2020. Masaya Merchandising sells facsimile, copers and other types of office equipment. The transaction during the month:arrow_forward
- Preparing the Adjusting Entries at Year-End On Nov. 30, 2019, the end of fiscal year, the following information is available to enable Chapter 6: Adjusting the Accounts 6-39 NAME: SCORE: SECTION: PROFESSOR: Problem #4 you to prepare Edgar Detoya Research and Development adjusting entries: The Supplies account showed a beginning balance of P21,740. Purchases during the tear were P45,260. The ending inventory revealed supplies on hand of P 13,970. The Prepaid Insurance account showed the following on November 30: Beginning balance July 1 P35,800 42,000 72,720 October 1 The beginning balance represented .the unexpired portion of a one-year policy nurchased in September 2018. The July 1 entry represented a new one-year policy, and the Oct. 1 entry is additional coverage in the form of a three-year policy. C The following table contains the cost and annual depreciation for buildings and equipment, all of which the entity purchased before the current year: Account Cost Annual Depreciation…arrow_forward(Learning Objective 5: Apply GAAP for uncollectible receivables) The September 30,2019, records of West Point Communications include these accounts:Accounts Receivable.................................... $249,000Allowance for Doubtful Accounts............... (8,000)During the year, West Point Communications estimates Uncollectible-account expense at 1%of credit sales. At year-end (December 31), the company ages its receivables and adjusts thebalance in Allowance for Uncollectible Accounts to correspond to the following aging schedule:LO 5Age of Accounts1–30 Days 31–60 Days 61–90 Days Over 90 Days$132,000 $52,000 $15,000 $36,000Accounts Receivable$235,000Estimated percent uncollectible 0.5% 2% 15% 35%During the last quarter of 2019, the company completed the following selected transactions:Nov 30 Wrote o as uncollectible the $1,200 account receivable fromLooper Carpets and the $800 account receivable from Williams Antiques.Dec 31 Adjusted the Allowance for Uncollectible Accounts and…arrow_forwardFor Course Project Milestone 3: (due at the end of Week 8) Record the closing entries. Post the closing entries to the general ledger. Prepare the post-closing trial balance.arrow_forward
- General Accounting I 2020-2021 Fall Term Final Exam (page 18 of 25)-Google Chrome a.tr/mod/quiz/attempt.php?attempt=361811&cmid=180187&page=17 MSKÜ-LMS 1807 ŞB: 1 ÖRGÜN General Accounting I İktisadi ve Idari Bilimler Fakültesi İktisa 8 A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 247 Tanmadi O a. $3.332 izerinden tlenmiş O b. $3,600 oruyu etle OC $3.528 O d. $3,400 Önceki sayfaarrow_forwardClosing Entries Use the Adjusted Trial Balance below for the Year Ended December 31, 2020 to complete the closing entries on the journal page in the Exam 1 format document. You should have 2 entries closing revenues, expenses and dividends. Debit Credit Cash 17,000 Accounts Receivable 5,100 Supplies 340 Factory 100,000 Accum. Depreciation 25,500 Accounts Payable 5,440 Notes Payable 8,500 Common Stock 5,000 Retained Earnings 10,000 Dividends 2,550 Professional Fees 85,340 Rent Expense 6,800 Telephone Expense 4,250 Depreciation Expense 3,740 Total 139,780 139,780arrow_forwardReturn to Blackboard US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 9-12 a-b (Part Levei SubmiSSion) CES CALCULATOR PRINTER VERSION 4 ВАCK Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest excer ES- December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. t Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. Dec. 11 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your answer is correct. Journalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is ente indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g.…arrow_forward
- (Learning Objective 4: Account for accrued payroll) Fitzgerald Company pays itsemployees every other Friday. December 31, 2017, was a Sunday. On Friday, January 5, 2018,Fitzgerald paid wages of $112,000, which covered the 14-day period from December 20, 2017,through January 2, 2018. Wages were earned evenly across all days, including Saturdays andSundays. Employee income taxes withheld for this payroll period totaled $15,610, while theFICA tax withheld was $12,600. (Ignore the employer payroll taxes in this exercise.) Preparethe entry to accrue the company’s wages and payroll taxes at December 31, 2017.arrow_forwardPrepare the journal entries to record the following adjustment informationof September 30, 2019 and at the same time the Adjusted Trial Balance. Writeyour answer in a two-column journal and in an 8-column worksheet. a. One month of scheduled advertising appeared in the school newspaperin the amount of P150.b. An inventory of Ironing supplies revealed approximately P50 onhand.c. Depreciation was taken on equipment with a useful life of 5 years. Ironingequipment costs P600.d. On Thursday, October 1, Linda would pay her first employee, who workedTuesday and Thursdays, P120 for the week.e. Ironing services for one of the two students who had paid in advance hadbeen performed as of 9/30/2019.f. On Tuesday, September 29, services had been finished for 2 students whopromised to pay P50 each on 10/5/2019arrow_forwardFor Course Project Milestone 2: (due at the end of Week 5) Record the adjusting entries. Post the adjusting entries to the general ledger. Prepare the adjusted trial balance. Prepare the financial statements for the month of September.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY