I will be looking for detailed, scholarly answers, including…
I will be looking for detailed, scholarly answers, including well-written and critical arguments supporting your answers. You can reference Rahim and other authors, for example, but I also will be looking for your ideas and assessments.
Read DetailsA company’s employees earn a total of $28,750 per week for a…
A company’s employees earn a total of $28,750 per week for a 5-day work week that begins on Monday and ends on Friday, payday is Friday. December 31 of Year 1 is a Tuesday, and all employees worked that day; January 1 is also a workday. a) Prepare the required adjusting journal entry to record accrued salaries on Tuesday, December 31, Year 1.b) Prepare the journal entry to record the payment of salaries on Friday, January 3, Year 2. **Do not have to use Dr or Cr when entering in the account name*** Do not use “$” for amounts.***Use Salaries not Wages.*** Date Account Debit Credit December 31 [salexp] [exp] [salpay] [pay] January 3 [salexp1] [exp2] [salpay1] [pay2] [cash] [cash1]
Read DetailsUse the trial balance for Peach’s Pastry Shop and prepare a…
Use the trial balance for Peach’s Pastry Shop and prepare a properly formatted Statement of Stockholder’s Equity. Peach’s Pastry Shop, LLC Trial Balance October 30 Cash $67,000 Accounts Receivable 7,200 Bakery Supplies 17,300 Bakery Shop Equipment 155,000 Delivery Van 75,000 Accounts Payable $16,500 Salaries Payable 9,300 Notes Payable 65,000 Common Stock 150,000 Retained Earnings 69,155 Dividends 14,000 Sales Revenue 215,005 Salaries Expense 66,075 Bakery Supplies Expense 47,425 Rent Expense 60,000 Insurance Expense 14,360 Van Maintenance Expense 1,600 Totals $524,960 $524,960
Read DetailsThe Argyle Company acquired a building for $975,000. The bui…
The Argyle Company acquired a building for $975,000. The building was appraised at a value of $1,250,000. The seller had paid $450,000 for the building 6 years ago. Which accounting principle would require Argyle to record the building on its records at $975,000?
Read DetailsOn July 1, a company purchased a 36-month insurance policy f…
On July 1, a company purchased a 36-month insurance policy for $14,760 with coverage starting immediately. Assume purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is
Read DetailsIndicate whether a debit (Dr) or credit (Cr) entry would be…
Indicate whether a debit (Dr) or credit (Cr) entry would be required to record the following changes in each account: Enter either Dr or Cr1. To decrease Accounts Payable. [1dr] 2. To increase Common Stock. [2cr] 3. To increase Unearned Revenue. [3cr] 4. To increase Supplies Expense. [4dr] 5. To decrease Accounts Receivable. [5cr] 6. To decrease cash. [6cr] 7. To increase Service Revenue. [7cr] 8. To increase Cash. [8dr] 9. To decrease Dividends. [9cr] 10. To increase Retained Earnings. [10cr]
Read DetailsThe image below depicts red blood cells that have been put i…
The image below depicts red blood cells that have been put into various solutions; the image also indicates the net direction of water flow into and out of the red blood cells. What is the likely solution that the red blood cells are submerged into that caused them to swell and burst (shown in the image to the right)?
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