Portions of the salaries expense account of a business are shown below. a. Indicate the nature of
Question:
Portions of the salaries expense account of a business are shown below.
a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.
b. Journalize the complete entry from which each numbered posting wasmade.
Transcribed Image Text:
Salaries Expense Account No. 53 Account Balance Post. Ref. Item Dr. Cr. Date Cr. Dr. 2009 Dec. 27 31 31 2010 Jan. 1 17,500 7,000 910,000 917,000 (1) (2) (3) 29 30 31 917,000 (4) (5) 32 33 7,000 7,000 17,500 10,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
a 1 Payment last payday in year 2 Adjusting accrual of wages at end of year 3 Closin...View the full answer
Answered By
Lamya S
Highly creative, resourceful and dedicated High School Teacher with a good fluency in English (IELTS- 7.5 band scorer) and an excellent record of successful classroom presentations.
I have more than 2 years experience in tutoring students especially by using my note making strategies.
Especially adept at teaching methods of business functions and management through a positive, and flexible teaching style with the willingness to work beyond the call of duty.
Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with a colorful wing of future.
I do always believe that more than being a teacher who teaches students subjects,...i rather want to be a teacher who wants to teach students how to love learning..
Subjects i handle :
Business studies
Management studies
Operations Management
Organisational Behaviour
Change Management
Research Methodology
Strategy Management
Economics
Human Resource Management
Performance Management
Training
International Business
Business Ethics
Business Communication
Things you can expect from me :
- A clear cut answer
- A detailed conceptual way of explanation
- Simplified answer form of complex topics
- Diagrams and examples filled answers
4.90+
46+ Reviews
54+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Cost Accounting questions
-
Portions of the wages expense account of a business are shown below. a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b....
-
Portions of the wages expense account of a business are the following. a. Indicate the nature of the entry (payment, adjusting, and closing, reversing) from which each numbered posting was made. b....
-
Portions of the salaries expense account of a business follow: a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize...
-
Selling price Variable costs: Direct materials Direct labour Variable manufacturing overhead Total variable cost Contribution margin Contribution margin ratio Contribution margin per labour hour O...
-
The accounting records of Harroy Industries included the following at January 1, 2017: Estimated Warranty Payable Jan. 1, 2017........... 24,800 In the past, Harroy Industries' warranty expense has...
-
Roscoe, a public accountant, has completed the examination of the financial statements of Excelsior Corporation as of and for the year ended December 31, 2015. Roscoe also examined and reported on...
-
Hunter Corporation issued a \(\$ 100,000,61 / 2 \%, 10\)-year bond payable. Journalize the following transactions for Hunter. Include an explanation for each entry. a. Issuance of the bond payable at...
-
Ken is a self-employed architect in a small firm with four employees: himself, his office assistant, and two drafters, all of whom have worked for Ken full-time for the last four years. The office...
-
A certain loan has a stated interest rate of 11.6%. If the current inflation rate is 5.8%, what is the real interest rate on this loan? Suppose on January 1, 2023 a share of Ford cost $10.34. On...
-
Convertible Bond Analysis Niendorf Incorporated needs to raise $2S million to construct production facilities for a new type of USB memory device. The firms straight nonconvertible debentures...
-
Portions of the wages expense account of a business are shown below. a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b....
-
Ramsey Inc. has $600,000 of income before income taxes, a 35% tax rate, and $320,000 of taxable income. Provide the journal entry for the current years taxes.
-
At the end of 2014, Searcy Corp. has accounts receivable of $600,000 and an allowance for doubtful accounts of $36,000. On January 24, 2015, Searcy learns that its $8,000 receivable from Hutley Inc....
-
A bank must decide which branch office to assign the account of a particularly important and high-maintenance client. Is this an example of a strategic, tactical, or implementation level of decision?
-
The theoretical maximum cycle time of a product layout is the sum of the task times. How might it be argued that this would then no longer be a product layout?
-
Appellant Brian Claver appeals the two-year order of protection entered against him on April 26, 2007, which directed him to refrain from contact with appellee Misty Wilbur's minor daughter, S.W.,...
-
A certain product can weigh no more than 1.001 and no less than 0.998 ounces by design. What is the maximum natural variation a process can have to be considered capable of supporting these design...
-
The average number of defects is 35 per day. What should the upper and lower control limits of a c-chart be if z = 3.0?
-
The average type of grass used in Texas lawns is best described by (1) the mean (2) the median (3) the mode
-
Proposals have been made to ?sail? spacecraft to the outer solar system using the pressure of sunlight, or even to propel interstellar spacecraft with high-powered, Earth-based lasers. Sailing...
-
Which of the following strategies can be used to deal with missing values? a. Keep. b. Delete. c. Replace/impute. d. All of the above.
-
What are compensated absences?
-
Under what conditions must an employer accrue a liability for the cost of compensated absences?
-
Under what conditions must an employer accrue a liability for the cost of compensated absences?
-
Henry is twice as old as Sam. Six years ago Henry was three times as old as Sam. How old is Henry now?
-
22+1 i) Find the residues of the function f(z) = 2(2-6) at its poles in the finite complex plane. ii)Using the residues in (i), evaluate the integral f dz 22+1 z(z-6) where C is a contour that...
-
4. Show using a truth table that ((p q)^(qr)) (pr) is a tautology. Justify your answer. 5. Use a truth table to verify p A (pV q) = p. Justify your answer. 6. Give a proof that (p-q)^(pr) and p (q^r)...
Study smarter with the SolutionInn App