Question
Question 1 Make the correcting entry for each of the following: a) You purchased Office Furniture for $6500 cash - there was no financing. You
Question 1
Make the correcting entry for each of the following:
a) You purchased Office Furniture for $6500 cash - there was no financing. You debited Office Furniture and credited Accounts Receivable for $6500.
b) You paid the monthly rent, $5000. You debited Rent Expense and credited Supplies for $5000.
Question 2
You own a flower shop. You have one employee. She worked 43 hours this week. Her pay rate is $20 per hour - she is entitled to overtime. You withheld 15% of her pay for federal income tax. You withheld 10% of her pay for state income tax. You withheld 6.2% of her pay for social security tax. You withheld 1.45% of her pay for medicare tax.
Required: Journalize the payroll for the week.
Question 3
Based on the data below, complete a bank reconciliation:
Bank Statement Balance = $11,000
Book Balance = $14,000
Deposit in Transit = $5000
Outstanding Check = $1000
NSF Check = $300
Penalty on Overdraft = $50
Bank Service Charge = $50
Unrecorded ATM Withdrawal = $600
Check # 101 was written for $2000 but recorded as $4000
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