Question
1- Aramco Company has salaries and wages expenses for the month of April $55,000. Aramco Company deducted $3,100 income tax and $1,450 for health insurance
1- Aramco Company has salaries and wages expenses for the month of April $55,000. Aramco Company deducted $3,100 income tax and $1,450 for health insurance and $2,505 for pension fund. `
Prepare the journal entry to record the salary and wages expenses assuming that company will pay the salary in 5th of each month.
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2- Roger company sold inventory for $32,000 cash All sales are subject to a 16% sales tax.
Record this transaction.
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3- Michigan University sells 410 basketball tickets at $10 each, the game will be held next month.
Give the entry to record
(a) The sale of the season tickets.
(b) The revenue recognized by playing the season basketball.
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