Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1- Aramco Company has salaries and wages expenses for the month of April $50,000. Aramco Company deducted $3,200 income tax and $1,400 for health insurance

1- Aramco Company has salaries and wages expenses for the month of April $50,000. Aramco Company deducted $3,200 income tax and $1,400 for health insurance and $2,500 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.

---------------------------------------------------------------------------------------

2- Roger company sold inventory for $23,000 cash All sales are subject to a 16% sales tax.

Record this transaction.

----------------------------------------------------------------------------------------

3- Michigan University sells 4,000 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Analysis And Decision Making

Authors: David E. Vance

1st Edition

0071406654, 9780071406659

More Books

Students also viewed these Accounting questions

Question

Alcohol and drug use among student athletes

Answered: 1 week ago