BUSINESS COLLEGE

Pablo Management has ten employees, each of whom earns $100 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the ten employees worked Monday December 31 and Wednesday through Friday, January 2, 3, and 4. New Year’s Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees’ wages on Friday January 4.

Answers

Answer 1
Answer:

Answer:

Year end adjusting entry:

                                                     Debit               Credit

Salaries expense                         $1,000

(10*100)

Salaries payable                                                   $1,000

January 4, journal entry:

                                                     Debit               Credit

Salaries expense                        $3,000

(10*100*3)

Salaries payable                          $1,000

Cash                                                                    $4,000

(10*100*4)

Explanation:

The year end adjusting entry that shall be recorded by the Pablo management in its accounts on December 31 in respect of salaries expenses is given as follows:

                                                     Debit               Credit

Salaries expense                         $1,000

(10*100)

Salaries payable                                                   $1,000

The journal entry that shall be recorded by the Pablo management in its accounts on January 4 in respect of salaries paid to employees is given as follows:

                                                     Debit               Credit

Salaries expense                        $3,000

(10*100*3)

Salaries payable                          $1,000

Cash                                                                    $4,000

(10*100*4)


Related Questions

HIGH SCHOOL

In the decision-making process, which step occurs after the need is determined?

Answers

The correct answer is "gathering relevant information".

Gathering relevant information is the step that comes after determining the need of making a decision. Gathering Information may be a little tricky, wherein you have to look for information both externally and internally, from yourself and from other reliable sources, such as the Internet and books.
MIDDLE SCHOOL

What should Susan's three main talking points be to convince her Mom that she should file her own tax returns?

Answers

Answer:

Save money.

Have peace of mind.

Gain financial insight.

Explanation:

1. Save money. Hiring an accountant can be costly, and you can save a bundle if you choose to do your taxes yourself. Furthermore, anyone can file electronically for free via the IRS website. No matter how much your adjusted gross income (AGI) is, you can fill out and submit tax forms online, available via the IRS website. And if your AGI is $57,000 or less, the IRS will provide you a list of multiple companies that will guide you through the process. After your federal return is complete, they will transmit it electronically to the IRS for free. However, be aware that some of these companies will have additional restrictions beyond AGI and may charge you to file your state return.

Another option is to file using a 1040EZ. If you meet the requirements to file this form, some tax preparation companies, such as TurboTax, will complete your return for free.

2. Have peace of mind. I have always had a tough time trusting my tax return to an accountant. Not only are they overloaded this time of year, but you could make an error communicating pertinent information, such as neglecting to inform them of key deductions.

However, if you have a complicated return that requires you to fill out and file multiple forms, make sure you have a thorough understanding of the entire procedure. Otherwise, you are better off with the assistance of a professional.

3. Gain financial insight. An additional benefit to preparing your own taxes is that it will give you a closer look at your finances, and what effect certain saving options have on your return. For instance, I never realized the amount of money you can deduct by making tax-deductible donations until I started filing my taxes on my own. In fact, depending on your income tax bracket, donating unwanted items could be more beneficial than selling them.

I also learned to max out my IRA contributions each year to fully take advantage of that credit.

HIGH SCHOOL

Grouper Corp. retires its $640000 face value bonds at 105 on January 1, following the payment of annual interest. The carrying value of the bonds at the redemption date is $663970. The entry to record the redemption will include a________

Answers

Answer:

Explanation:

The journal entry is shown below:

Bonds payable A/c Dr $640,000

Premium on bonds payable A/c Dr $23,970

Loss on bonds redemption A/c $8,030

         To Cash A/c $672,000                     ($640,000 × 1.05)

(Being the redemption of bond is recorded and the remaining balance is debited to the Loss on bonds redemption account)

The Premium on bonds payable is computed below:

= Carrying value of the bonds - face value of the bond

= $663,970 - $640,000

= $23,970

COLLEGE

What is 4 5/6 minus 5/6 minus 1 1/2 minus 2/3

Answers

Your answer would be 1 5/6
Random Questions
Read the excerpt from "I Believe in a British Empire” by Joseph Chamberlain. I believe in a British Empire, in an Empire which, though it should be its first duty to cultivate friendship with all the nations of the world, should yet, even if alone, be self-sustaining and self-sufficient, able to maintain itself against the competition of all its rivals. And I do not believe in a Little England which shall be separated from all those to whom it would in the natural course look for support and affection, a Little England which would then be dependent absolutely on the mercy of those who envy its present prosperity, and who have shown they are ready to do all in their power to prevent its future union with the British races throughout the world. Read the excerpt from "A Tryst with Destiny” by Jawaharlal Nehru. We are citizens of a great country, on the verge of bold advance, and we have to live up to that high standard. All of us, to whatever religion we may belong, are equally the children of India with equal rights, privileges and obligations. We cannot encourage communalism or narrow-mindedness, for no nation can be great whose people are narrow in thought or in action. To the nations and peoples of the world we send greetings and pledge ourselves to cooperate with them in furthering peace, freedom and democracy. And to India, our much-loved motherland, the ancient, the eternal and the ever-new, we pay our reverent homage and we bind ourselves afresh to her service. Jai Hind [Victory to India]. Which statement best compares and contrasts the conclusions of these passages? a. Both conclusions wish other nations of the world well, but Chamberlain advocates imperialism, while Nehru advocates freedom for India. b. Both conclusions advocate freedom of religion, but Chamberlain wants a separate England, while Nehru wants unity with England. c. Both conclusions encourage the union of British people, but Chamberlain considers other countries rivals, while Nehru cooperates with them. d. Both conclusions describe other nations as competition, but Chamberlain wants peace, while Nehru wants democracy.