Question #1 On January 8, the end of the first weekly pay period of the year, Royal Company's payroll register showed that its employees earned $11,380 of office salaries and $32,920 of sales salaries. What are the debit entries to record gross salaries?

Question #2 Saturn Co. purchases a used machine for $110,000 cash on January 2. The company predicts the machine will be used for five years and have a $10,000 salvage value. The depreciation method used by Saturn Co. is straight-line. On December 31, at the end of its fourth year in operation the machine was sold for $25,000. What was the effect of this sale?

Question #3MRI Company has one employee that makes $7,200 per month. FICA Social Security taxes are 6.2% and FICA Medicare taxes are 1.45% of gross pay. The employees federal income taxes withheld are $135 for the pay period. Based on this information, the financial statements affected by this transaction are:

question #4 Lomax Enterprises purchased a depreciable asset for $22,000 on March 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the assets salvage value is $2,000, Lomax Enterprises should recognize depreciation expense in Year 2 in the amount of $5,000. The transaction to record deprecation would affect: