Salaries to the end of May 2022 totalled $63 400. Payments for salaries in June 2022 totalled

Question:

Salaries to the end of May 2022 totalled $63 400. Payments for salaries in June 2022 totalled $4600. However, four days at $290 per day were worked but not paid. You are required to prepare the journal for:

• adjustment at 30 June 2022

• closing the account at 30 June 2022

• reversal on 1 July 2022, then

• post the cash payments journal after the first fortnightly pay on 10 July 2022 for $2900 paid, and

• balance the ledger accounts.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting An Introduction To Principles And Practice

ISBN: 9780170403832

9th Edition

Authors: Edward A. Clarke, Michael Wilson

See More Books

Question Posted: Feb 23, 2024 03:01 PM

See More Questions

You were recently hired to improve the financial condition of Idaho Springs Hardware, a small chain of three hardware stores in Colorado. On your first day the owner, Chuck Vitaska, told you that the...
Jackson Campbell, a final year student who just finished all the exams from Cenennial College this year, he has put in a lot of effort in pursuing his Honors Bachelor of Commerce degree -...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
A ball is dropped from a high rise platform at t = 0 starting from rest. After 6 seconds another ball is thrown downwards from the same platform with a speed v. The two balls meet at t = 18s. What is...
Remember to insert units when writing your answers. For following Exercises complete the chart. 1. 2. Object Grams Centigrams Kilograms Milligrams Capsule of amoxicillin (antibiotic) 500 Tablet of...
Requlred: Fill in the blanks: (Round "Return on sales", "Asset turnover" and "Return on Investment" answers to 2 deelmal pleces.)
Variance means the difference between budget and standard costs.
How might a company configure its strategy-making processes to reduce the probability that managers will pursue their own self-interest, at the expense of stockholders?
Using the info below what is the Days Inventory (DI)? Annual Revenue $158,000.00 Annual Cost of Goods Sold $92,400.00 Cash Flow from Operations $850.00 Ending Inventory $23,600.00 Ending Accounts...
Prepare the adjusting journal on 30 June 2022 and reversal journal on 1 July 2022 for the following balance day adjustments: wages incurred but not paid $750 electricity used but no account has...
The balance on the wages account at 30 June 2022 was $20 000. Wages of $350 had been incurred but not paid. The wages paid for the first pay on 4 July totalled $1400. You are required to prepare the...
In what manner does the balance-sheet format used by companies in other countries differ from the format used by Canadian companies?
If you are a Super Coffee company and want to partner with Influencers on Instagram. How to find them? Influencer suggestions? How much to pay them? Who are they? Your budget is $250,000 So...
As the Customer Support Manager in the Fast-Moving Consumer Good (FMCG) sector with the ABC Corporation you are expected to address major grievances of customers from our product line and special...
An agent for positive change can be defined as someone who has the capability to influence and motivate those around them to accomplish whatever shared task needed to achieve a common goal, these...
Identify stress-reduction techniques used in organizations (e.g., wellness programs) Evaluate the impact of personal and work-related stress on performance Explain the relationship between...
Company: Viventium Explain which metrics you recommend tracking and why. For example, "these are the 3 to 5 metrics I've chosen; I'm tracking this because it does X, thereby bringing me closer to...
A real estate development project requires annual outlays of $75 000 for 8 years. Net cash inflows beginning in Year 9 are expected to be $250 000 per year for 15 years. If the developer requires a...
Reduction in sales All of the above 29. Belt of an electric motor is broken, it needs a. Corrective maintenance b. Scheduled maintenance c. Preventive maintenance d. Timely maintenance. 30. The...
Selected information for two companies competing in the catering industry have been presented below. Required a. Analyse and compare the liquidity, solvency and profitability ratios of the entities....
Summary information from the 2018 statement of profit or loss of Coconut Plantations Pty Ltd is provided below. The operating expenses include $18,000 of interest expense. The following amounts have...
The balance sheet and the statement of profit or loss for MobileNet are presented below. a. Calculate the following: i. The current ratio ii. The return on assets (use year-end figures) iii. The...
When credit terms for a sale are 2/15, n/40, the customer saves by paying early. What percent (rounded) would this savings amount to on an annual basis
An industrial robot that is depreciated by the MACRS method has B = $60,000 and a 5-year depreciable life. If the depreciation charge in year 3 is $8,640, the salvage value that was used in the...
What determines a firm's beta? Should firm management make changes to its beta? Be sure to consider the implications for the firm's investors using CAPM.

Salaries to the end of May 2022 totalled $63 400. Payments for salaries in June 2022 totalled

Question:

Step by Step Answer:

Lets break down the steps to prepare the journal entries and post them to the ledger accounts Adjust...View the full answer

Accounting An Introduction To Principles And Practice

Students also viewed these Business questions