Analyze the following transactions that took place in January. Determine the amount of revenue and/or expense (if any) to be recorded in January. Revenue Expense Recognized Recognized Received $15,400 cash for consulting services rendered in January. $ 15,400 Received utility bill for January for the amount of $1,650 due February 15th $ 1,650 Received $10,550 cash for consulting services, $8,000 in January and the remainder in February $ 8,000 Received $17,300 cash for consulting services rendered in December $ 17,300: Provided $107,000 in service to customers with $100,500 on account and rest received in cash $ 107,000 $ 100,500 Paid rent for the month of January in the amount of $2,000 $ 2,000

Analyze the following transactions that took place in January. Determine the amount of revenue and/or expense (if any) to be recorded in January. Revenue Expense Recognized Recognized Received $15,400 cash for consulting services rendered in January. $ 15,400 Received utility bill for January for the amount of $1,650 due February 15th $ 1,650 Received $10,550 cash for consulting services, $8,000 in January and the remainder in February $ 8,000 Received $17,300 cash for consulting services rendered in December $ 17,300: Provided $107,000 in service to customers with $100,500 on account and rest received in cash $ 107,000 $ 100,500 Paid rent for the month of January in the amount of $2,000 $ 2,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter8: Payroll Accounting: Employee Earnings And Deductions

Section: Chapter Questions

Problem 2CE

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Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
Yates Company's records provide the following information concerning certain account balances and changes in these account balances during the current year. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $159,000. Compute Sales revenue for the year.
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Jazz company prepared their income statement using the cash basis for the month ending May 31. The following transactions transpired during the month: - Credit sales of 475,000. - Collection of 320,000 relating to May credit sales. -Collection of 60,000 relating to April credit sales. -Salaries incurred but not yet paid amounting to 33,000. By what amount will Jazz cash-basis income for the month ended May 31 increase as a result of restarting these transactions to be accrual basis of accounting?
A Plus Services has the following transactions during January: Credit sales of $110,000, collections of credit sales of $87,000, and write-offs of $19,000. A Plus Services uses the direct write-off method. At the end of January, the balance of Accounts Receivable is ________.
Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?
For the month of December, the records of Scrooge Corporation show the following information: Cash received on accounts receivable $45,000 Cash sales 30,000 Accounts receivable, December 1 80,000 Accounts receivable, December 31 75,000 Accounts receivable written off 2,000 The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What are the gross sales for the month of December? a.$72,000 b.$61,000 c.$59,000 d.$60,000