Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 in january: 1st borrowed 12,000 in cash from midland bank on 4 month 8% 12,000 note 5th sold merchandise for cash 6,510, that comprises 5% sales tax 12th provided services for customers who had made advanced payments of 10,000 (credit service revenues) 14th paid state treasurers department for sales tax collected dec 2006, $6,600 20th sold 500 units of new product on credit at 48$ per unit, plus 5% sales tax in january company's employees earned wages of 60,000. Withholdings related to wages were 4,590 for soc. Sec' 5,000 for Federal, and 1,500 for state income. Company owes no money related to these earnings for federal or state unemployment. Suppose that wages earned in january will be paid in february. No entry had been recorded for wages or payroll tax expense as of jan 31

a. Journalize transactions

b. Journalize adjusting entries at jan 31 for outstanding note payable and for wages expense and payroll tax expense

c. Make present liabilities section of balance sheet at jan 31 2007. Suppose no change in accounts payable.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919640

Have any Question? 


Related Questions in Accounting Basics

Accounting questionfollowing the completion of the

Accounting Question: Following the completion of the investigation of a potential fraud case, you are informed by your manager that the case will be brought to trial. As part of the litigation process you will be asked t ...

Accounting case studyplease provide the answers to these

Accounting Case Study: Please provide the answers to these questions in the form of a paper. Please ensure the paper and all paper references are in APA format. CASE: Evaluating a Company's Budget Procedures. Tom Emory a ...

Tf question1under the modified accrual basis of accounting

T/F QUESTION 1 Under the modified accrual basis of accounting, there is no matching principle and no attempt to amortize costs that benefit multiple periods. 2 In fund accounting, expenditures may be classified in differ ...

Accounting and societyrequirementsbackgroundin their annual

Accounting and Society Requirements: Background: In their annual report, companies are required to include a remuneration report that documents the remuneration packages of the chief executive officer, other key executiv ...

This assignment will assess the following learning

This assignment will assess the following learning outcomes: - Demonstrate the impact on the financial statements and the implication for different users of accounts of alternative ways of treating controversial accounti ...

Question 1ryan withdrew cash from the business to pay his

Question 1 Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________. A. increase in both cash and withdrawal B. decrease in both cash and withd ...

Watch accounting witts video titled cash and accrual -

Watch Accounting WITT's video titled "Cash and Accrual - Conceptual": https://www.youtube.com/watch?v=aPwdgUDXkkE&feature=youtu.be Based on the video, explain two (2) advantages and two (2) disadvantages in using both th ...

Imagine you are the responsible accountant for one of our

Imagine you are the responsible accountant for one of our companies. Apart from local gaap or local accounting rules but with regard to HB II (Group financial statement) and with the help of the HB II accounting manual o ...

Assignmentsongo dealers sells clothing and began trading

Assignment SONGO DEALERS sells clothing and began trading operations on 1 April 20X3. All amounts are paid by cheque, unless otherwise stated. The entity uses the perpetual inventory system and maintains a gross profit p ...

1it has been suggested that it is not possible to determine

1. It has been suggested that it is not possible to determine the point at which financial accounting and managerial accounting diverge. What does that mean? Your response should be at least 200 words in length. For prob ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen