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please be organized. there's 2 parts. I will upvote JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour. work
please be organized. there's 2 parts. I will upvote
JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour. work period. The vacation pay vests immediately (that is, an employee is entitied to the pay even if employment terminates). During 2024 , total salaries paid to employees equaled $404,000, including $4,000 for vacations actually taken in 2024 but not including vacations related to 2024 that will be taken in 2025. All vacations earned before 2024 were taken before January 1,2024 . No accrual entries have been made for the vacations. No overtime premium and no bonuses were paid during the period. Required: Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the adjusting entry for vacations earned but not taken in 2024. Note: Enter debits before credits. Exercise 13-7 (Static) Customer deposits; financial statement effects [LO13-3] Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container's cost. They receive a refund when the container is returned. During 2024 , deposits collected on containers shipped were $850,000 Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1,2024. represented deposits of $530,000. In 2024,$790,000 was refunded and deposits forfeited were $35,000. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024. 2. Determine the liability for refundable deposits to be reported on the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required". in the first account field. Exercise 13-7 (Static) Customer deposits; financial statement effects [LO13-3] Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container's cost. They receive a refund when the container is returned. During 2024 , deposits collected on containers shipped were $850,000 Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1,2024 , represented deposits of $530,000. In 2024,$790,000 was refunded and deposits forfeited were $35,000. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024. 2. Determine the liability for refundable deposits to be reported on the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Determine the liability for refundable deposits to be reported on the December 31,2024 , balance sheetStep by Step Solution
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