LaBamba Company pays salaries of $10,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so LaBambas

Answered step by step

Verified Expert Solution

Question

77 users unlocked this solution today!

LaBamba Company pays salaries of $10,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so LaBamba’s employes have worked 2 days without being paid.
Instructions
(a) Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when LaBamba pays the payroll.
(b) Assume the company does use reversing entries. Prepare the December 31 adjusting entry, the January 1 reversing entry, and the entry on Monday, January 6, when LaBamba pays the payroll.

Step by Step Solution

★★★★★

3.63 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Link Copied!

Step: 1

a Dec 31 Salaries Expense 10000 X 25 4000 Salaries Payable 4000 ... View full answer

blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

100% Satisfaction Guaranteed-or Get a Refund!

Step: 2Unlock detailed examples and clear explanations to master concepts

blur-text-image_2

Step: 3Unlock to practice, ask and learn with real-world examples

blur-text-image_3

Document Format ( 1 attachment)

47-B-A-A-C (166).docx

120 KBs Word File

Claim Your Hoodie Now!

Recommended Textbook for

Accounting Principles

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

flashcard-anime

Study Smart with AI Flashcards

Access a vast library of flashcards, create your own, and experience a game-changing transformation in how you learn and retain knowledge

Explore Flashcards

Students Have Also Explored These Related Accounting Questions!

Q:

Krantz Company pays salaries of $15,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantzs employees have worked 2 days without being...

Answered: 3 weeks ago

Q:

Alexander Company pays salaries of $12,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Alexanders employees have worked 2 days without...

Answered: 3 weeks ago

Q:

Brasilia company pays salaries of R$10,000 every Monday for the preceding 5-week (Monday through Friday). Assume December 31 falls on a Tuesday, so Brasilias employees have worked 2 days without...

Answered: 3 weeks ago

Q:

Mike has the following monthly information: Salary $4,000 Rent 1,800 700 Car payment Investment Income 200 Meals 900 Groceries 700 Student Loan Payment 400 Other Expenses 600 1. What is Mike's...

Answered: 3 weeks ago

Q:

The method of least squares was used to develop a cost equation to predict the cost of receiving purchased parts at a video game manufacturer. Ninety-six data points from monthly data were used for...

Answered: 3 weeks ago

Q:

The 50-lb block A and the 25-lb block B are supported by an incline that is held in the position shown. Knowing that the coefficient of static friction is 0.15 between all surfaces of contact,...

Answered: 3 weeks ago

Q:

why you want to attend graduate school in general;

Answered: 3 weeks ago

Q:

During the year, Thompson Plastics was in negotiations with the local union over wages. A settlement was finally reached, and the average wage per hour was increased to $32. Production fell to...

Answered: 3 weeks ago

Q:

Question 8 of 75. Edward is single. His modified adjusted gross income of $241,000 includes: wages $7.500 of tax-exempt interest, $3,000 OT dividends, $2,500 of rental income and $25 non investment...

Answered: 3 weeks ago

Q:

Determine the couple M that must be applied to member DEFG to maintain the equilibrium of the linkage. 300 lb 100 lb 8 in. 12 in 6in. 10 in

Answered: 3 weeks ago

Q:

Where a current period intragroup transaction involves a depreciable asset, why is depreciation expense adjusted?

Answered: 3 weeks ago

Q:

1. What (at least 5-6) indicators of the Kerala, India, coir fiber industry should be evaluated and monitored? 2. How should the data/indicators be analyzed? 3.How should the data/indicators be...

Answered: 3 weeks ago

Q:

If winemaking and branding is the industry, what is the major supply input? Who has more bargaining power with respect to this supplier type, old or new world winemakers?o Which has relatively better...

Answered: 3 weeks ago

Q:

a) Most Singapore government construction tenders are awarded on the lowest cost win basis. Explain how that is a lose-lose situation for both the contractors and government b) Explain why...

Answered: 3 weeks ago

Q:

how to automate a retraction system of any kind and is there a need for cables or magnetic relay for each systems? please indicate your references.

Answered: 3 weeks ago

Q:

As the distribution center manager would you staff your facility at the minimum, average or maximum amount of equivalent staff which is derived by dividing the total throughput by the productivity...

Answered: 3 weeks ago

Q:

Are the project stakeholders comfortable with the progress of the project?

Answered: 3 weeks ago

Q:

Independent random samples of sizes n1 = 30 and n2 = 50 are taken from two normal populations having the means 1 = 78 and 2 = 75 and the variances 21 = 150 and 22 = 200. Use the results of Exercise...

Answered: 3 weeks ago

Q:

By how much is an SSD faster than a magnetic disk?

Answered: 3 weeks ago

Q:

Rice Company has a unit selling price of $520, variable costs per unit of $286, and fixed costs of $163,800. Compute the break-even point in units using (a) The mathematical equation and (b)...

Answered: 3 weeks ago

Q:

Rice Company has a unit selling price of $520, variable costs per unit of $286, and fixed costs of $163,800. Compute the break-even point in units using (a) The mathematical equation and (b)...

Answered: 3 weeks ago

Q:

Acorn Corp. had total variable costs of $180,000, total fixed costs of $170,000, and total revenues of $300,000. Compute the required sales in dollars to break even.

Answered: 3 weeks ago

Q:

Weston Clothing Company is considering manufacturing a new style of shirt, whose data are shown below. The equipment to be used would be depreciated by the straight-line method over its 3-year life...

Answered: 3 weeks ago

Q:

In your own understanding. Explain your answer using two to three sentences only. (I hope you will answer it all. Thank you!) 1. What is hypothesis? 2. What are the types of hypotheses? Explain...

Answered: 3 weeks ago

Q:

need help with both plz!!!!!! An annuity is set up that will pay $1,500 per year for nine years. What is the present value ( PV ) of this annuity given that the discount rate is 7% ? A. $11,728 B....

Answered: 3 weeks ago

Previous Question Next Question