Required information Exercise 7.9 (Algo) Other acerued liabilities-payroll taxes L0 7.4 (The folowing information applies to the quescions cfisalsyed bevow) A. September 30, 2022, the end of the frut year of operations at Luhancic incorporated, the firm's aceountart neglected to pccrep payrot tames of 52.057 that were applicable to payonols for the year then ended Exercise 7.9 (Algo) Part a - Horizontal Model Pequiled: 7.1. Use the horutantal model to show the eflect of the accrual that should have been made as of Seplember 30, 2022. Indicate the financibl atatement effect. Note: Fnter decresses with a minus sign to indicate a negative financial statement effect. [The following information applies to the questions displayed below.] At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2,057 that were applicable to payrolls for the year then ended. Exercise 7-9 (Algo) Part a - Journal Entry a-2. Record the journal entry to show the effect of the accrual that should have been made as of September 30, 2022. 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 accrual of payroll taxes for the year. Note: Enter debits before credits. Required information Exercise 7.9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below.] At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2,057 that were applicable to payrolls for the year then ended. Exercise 7-9 (Algo) Part b b. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30,2022 Required information Exercise 7-9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below] At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant negiected to accrue payroll taxes of $2,057 that were applicable to payrolls for the year then ended. Exercise 7.9 (Algo) Part c Assume that when the payroll taxes were paid in October 2022, the payroll tax expense account was charged. Assume that at ieptember 30,2023 , the accountant again neglected to accrue the payroll tax liability, which was $2,339 at that date- Determine the come statement and balance sheet effects of not accruing payroll taxes at September 30, 2023 . Required information Exercise 7-13 (Algo) Unearned revenues-customer deposits LO 7-3 [The following information applies to the questions displayed below.] NightWoundsTime Brewing Company distributes its products in an aluminum keg. Customers are charged a deposit of $30 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-13 (Algo) Part a Required: a. Where on the balance sheet will the Keg Deposits account be found? Multiple Choice Keg deposits are a current liability on the balance sheet. Keg deposits are a current assets on the balance sheet. Reguired information Exercise 7.13 (Algo) Unearned revenues-customer deposits LO 7.3 (The fowiowing information applies to the questions dicplayed beiow) NightWoundstime Brewing Company distributes ite products in an alumenum beg. Customers are charged aeposit of 530 per keg, doposits are recorded in the keg Deposits account Exercise 7-13 (Algo) Part b - Horizontal model b-1. Use the horizontal modeito show the etfect of giving a keg deposit refund to a customer for one keg Indicate the financial itatement effect. Note: Enter decreases with a minus sign to Indicate a negative financial statement effect. Exercise 7-13 (Algo) Unearned revenues-customer deposits LO 7-3 [The following information applies to the questions displayed below.] NightWoundsTime Brewing Company distributes its products in an aluminum keg. Customers are charged a deposit of $30 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-13 (Algo) Part b - Journal entry b-2. Record the journal entry to show the effect of giving a keg deposit refund to a customer for one keg. 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 refund of keg deposits. Note: Enter debits before credits. Mequired information Exercise 7.13 (Algo) Unearned revenues-custemer deposits Lo 7.3 WightWounttilime Erowing Corrqainy distibutes as products in an aluminum keg. Cuntamers are thacged a oenost of 530 per kegi deposits are recoroed in the Keg Deposits account Exercise 7.13 (Algo) Part c-Horizontal model C1. A keg use analyst who works for Noghtwoundstime estimates thit 450 kegs for which deposits were received during the year wil never be feturned. What accounting. if any, would be appopriate for the deposits associated wath these kegs? indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financlal statement etfect. Required information Exercise 7-13 (Algo) Unearned revenues-customer deposits LO 7-3 [The following information applies to the questions displayed below.] NightWoundsTime Brewing Company distributes its products in an aluminum keg. Customers are charged a deposit of $30 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-13 (Algo) Part c-Journal entry c-2. A keg use analyst who works for NightWoundsTime estimates that 450 kegs for which deposits were received during the year will never be returned. Record the accounting that would be appropriate for the deposits associated with these kegs? 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 elimination of the liablity for unretumed kegs. Note: Enter debits before credits. Pequired information Exercise 7.13 (Algo) Unearned revenues-customer deposits LO 7.3 TThe following information applies to the questions displayed below.] NightWoundstime Brewing Company distributes its products in an aluminum keg. Customers are charged a deposit of $30 per keg, deposits are recorded in the Keg Deposits account. Exercise 7-13 (Algo) Part d-Horizontal model d. Use the horizontal model, demonstrate accounting that would be appropriate for the cost of the kegs that are purchased and used by NightWoundsTime Brewing Company, including how to account for unreturned kngs? Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect
