Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ASAP PLEASE!!!!! QUESTION 22 What is the entry when the payroll is paid? Debit Payroll Liabilities (Fed Income Tax Payable State Income Tax Payable, Soc

ASAP PLEASE!!!!! image text in transcribed
image text in transcribed
QUESTION 22 What is the entry when the payroll is paid? Debit Payroll Liabilities (Fed Income Tax Payable State Income Tax Payable, Soc Sec& Medicare Payable) Credit Salaries & Wages Expense. Credit Cash Debit Cash Credit Salaries & Wages Expense Debit Salaries & Wages Expense. Credit Payroll Liabilities/Fed Income Tax Payable, State Income Tax Payable. Soc Sec&Medicare Payable.Credit Cash Debit Employer Payroll Taxes, Credit Employer Payroll Tax Liabilities QUESTION 23 2 What journal entry would be recorded if XYZ Co sela notebook computers with a 1 year warranty for $100.000 cash and collects 7% sales tax Debit Cash $100,000. Credit Revenue 5100,000 Debit Cash $107.000. Credit Sales Tax Payable 57,000. Credit Revenue $100,000 Debit Cash $100,000. Credit Sales Tax Payable $7,000 Credit Revenue $93.000 Sales Tax Payable $107.000. Credit Cash $107.000 QUESTION 24 What would be the journal to record the warranty obligation if XYZ estimates that claims submitted for warranties will be about 2% of $100,000 of sales? Debit Cash $100,000. Credit Warranties Payable $100,000 Debit Warranty Expense 52000. Credit Warranties Payable $2000 Debit Warranties Payable $1,000, Credit Cash $1,000 Debit Revenue $2,000. Credit Warranties Payable $2.000

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

Sarbanes Oxley Internal Controls Effective Auditing With AS5 CobiT And ITIL

Authors: Robert R. Moeller

1st Edition

0470170921, 978-0470170922

More Books

Students also viewed these Accounting questions

Question

Classify delivery styles by type.

Answered: 1 week ago