Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter B, Problem 7MCQ
To determine
Identify the correct journal for the stated transaction.
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Salaries are paid on Saturdays. The
weekly payroll is P25,200. Assume
that Sept. 30 falls on a Thursday and
the entity has a six-day pay week.
Amount:
The trial balance for Ariel Certified Cleaners appears as follows:
Ariel Certified Cleaners
Trial Balance
Sept. 30, 2015
Debit
Credit
Cash
9117,880
Accounts Receivable
264,940
Prepaid Insurance
34,000
Cleaning Supplies
73,740
Land
180,000
Building
1,850,000
Accumulated Depreciation - Building
9456,000
Accounts Payable
204,000
Unearned Cleaning Revenues
16,000
Mortgage Payable
Ariel, Capital
1,100,000
565,600
Ariel, Withdrawals
100,000
Cleaning Revenues
Salaries Expense
1,576,340
1,013,300
Cleaning Equipment Rental Expense
60,000
Delivery Truck Expense
Interest Expense
43,740
110,000
Other Expense
70,340
Total :
P3,917,940
P3,917,940
A credit card company determines a card holder's minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of 0.05814% per day. On November 10, a customer used his credit card to pay for the following business expenses: van repairs ($654), equipment maintenance ($461), office supplies ($138), and
dinner with clients ($123). Use the given information and the rule that minimum payments are rounded up to the nearest dollar to answer parts a and b below.
a. Assuming the card holder had no new interest, determine his minimum payment due on December 1, his billing date.
The card holder's minimum payment due on December 1 is $
McFriend Inc. records its liabilities for employees’ vacations at the end of each month. McFriend has 50 employees who are paid an average of $176 per day. The company allows 10 paid vacation days per year. For the August 31 payroll, McFriend pays its employees $160,000 for time worked and $10,000 for vacation taken.
Required: Prepare the journal entry to record McFriend’s August 31 payroll.
Chapter B Solutions
Financial Accounting
Ch. B - Indicate whether each of the following accounts...Ch. B - Prob. 2YTCh. B - Prob. 1QCh. B - Prob. 2QCh. B - Prob. 3QCh. B - Prob. 4QCh. B - Prob. 5QCh. B - Prob. 6QCh. B - Prob. 7QCh. B - Prob. 8Q
Ch. B - Prob. 9QCh. B - Prob. 1MCQCh. B - Prob. 2MCQCh. B - Prob. 3MCQCh. B - Prob. 4MCQCh. B - Prob. 5MCQCh. B - Prob. 6MCQCh. B - Prob. 7MCQCh. B - Prob. 8MCQCh. B - Prob. 9MCQCh. B - Prob. 10MCQCh. B - Prob. 1SEACh. B - Prob. 2SEACh. B - Prob. 3SEACh. B - Prob. 4SEACh. B - Prob. 5SEACh. B - Prob. 6SEACh. B - Prob. 7SEACh. B - Prob. 8SEACh. B - Prob. 9SEACh. B - Prob. 10SEBCh. B - Prob. 11SEBCh. B - Prob. 12SEBCh. B - Prob. 13SEBCh. B - Prob. 14SEBCh. B - Prob. 15SEBCh. B - Prob. 16SEBCh. B - Prob. 17SEBCh. B - Prob. 18SEBCh. B - Prob. 19EACh. B - Prob. 20EACh. B - Record transactions to T-accounts and prepare an...Ch. B - Prob. 22EACh. B - Prob. 23EACh. B - Record closing entries and compute net income. (LO...Ch. B - Record journal entries, record adjusting entries,...Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prob. 27EBCh. B - Prob. 28EBCh. B - Prob. 29EBCh. B - Prob. 30EBCh. B - Prob. 31EBCh. B - Prob. 32EBCh. B - Prob. 33EBCh. B - Prob. 34EBCh. B - Prepare a trial balance and financial statements....Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prepare closing entries and financial statements....Ch. B - Record adjusting journal entries, post to...Ch. B - Prob. 39PACh. B - Prob. 40PACh. B - Prob. 41PACh. B - Prob. 42PACh. B - Prob. 43PBCh. B - Prob. 44PBCh. B - Prob. 45PBCh. B - Prob. 46PBCh. B - Prob. 47PBCh. B - Prob. 48PBCh. B - Prob. 49PBCh. B - Prob. 50PBCh. B - Prob. 51FSACh. B - Prob. 52CTP
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