The usual adjusting entry for accrued salaries owed to employees was omitted. Which is true?
At the end of the fiscal year, the usual adjusting entry for accrued salaries owed to employees was omitted. Which of the following statements is true? a) Salary Expense for the year is overstated. b) Liabilities at the end of the year are understated. c) Assets at the end of the year are understated. d) Stockholders equity at the end of the year is understated.
Accrued Salaries with Adjusting Entries?
The $500 was for wages earned in August but not paid. The adjusting entry in August for that was: Dr Salaries Expense 500 Dr Salaries Payable 500 To journalize the present transaction, you need to get rid of that credit to Salaries Payable. So you can do a reversing entry, then debit and credit Salaries Expense and Salaries Payable for the full $1,400. The other method would be to debit Salaries Payable for 500, debit Salaries Expense for 900, and credit Cash for 1400.
Adjusting entries? pls help?
A company has 20 employees who each earn $500 per week for a 5 day week that begins on Monday .December 31 of year 1 is a Monday and all 20 employees worked that day. (1) prepare the required adjusting journal entry to record accrued salaries on December 31 2004. (2) prepare the journal entry to record the payment of salaries on January 4 2005.
Accounting help-Adjusting entries Wages accrued?
For a): Dr. Interest expense 12,000 Cr. Accrued interest payable/Interest payable 12,000 b): Dr. Salaries expense 19,200 Cr. Accrued salaries payable/Salaries payable 19,200 I don't know if you are using American Standards or IAS. These entries are based on IAS but I think american standards and IAS have some in common. By the way, those entries need to be reversed on the next accounting period. Best wishes.
Accounting help? Adjusting Entries...?
I have this question for my accounting class and I'm really struggling. During the year, Sonoma Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) accrue salaries expense, (2) adjust the Unearned Services Revenue account to recognize earned revenue, and (3) record services revenue for which cash will be received the following period. For each of these adjusting entries (1), (2), and (3), indicate the account from a through i to be debited and the account to be credited. a. Unearned Services Revenue b. Accounts Receivable c. Accounts Payable d. Prepaid Salaries e. Salaries Expense f. Services Revenue g. Salaries Payable h. Dividends i. Cash
At the end of the fiscal year, the usual adjusting entry for accrued salaries owned to employees was omitted. ?
At the end of the fiscal year, the usual adjusting entry for accrued salaries owned to employees was omitted. Which of the following statements are true? a. Salary Expense for the year was understated. b. The total of the liabilities at the end of the year was overstated. c. Net income for the year was understated. d. stockholders' equity at the end of the year was understated.
Help with Accounting Homework: Adjusting Entries for Accrued Salaries?
Ocular Realty Co. pays weekly salaries of $11,750 on Friday for a five-day workweek ending on that day. a.) Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday. b.) Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Thursday. I understand in the first column of journalizing that I would enter Salaries Expense and in the second column, I enter Salaries Payable. What is the equation for figuring out what amount will be? I appreciate any help. Please have a detailed answer.
Adjusting entries help please!?
On December 1, 2012, Shiras Distributing Company had the following account balances. Cash $7,010 Accumulated Depreciation—Equipment $2,585 Accounts Receivable 4,980 Accounts Payable 4,900 Inventory 11,860 Salaries and Wages Payable 1,050 Supplies 1,290 Common Stock 14,740 Equipment 25,850 Retained Earnings 27,715 Debits: $50,990 Credits: $50,990 During December, the company completed the following summary transactions. Dec. 6 Paid $1,730 for salaries due employees, of which $680 is for December and $1,050 is for November salaries payable. 8 Received $1,850 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,810. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Gong Co. $9,200, terms 2/10, n/30. 15 Purchased supplies for cash $1,640. 18 Sold merchandise on account $13,000, terms 3/10, n/30. The cost of the merchandise sold was $8,110. 20 Paid salaries $1,990. 23 Paid Gong Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on 1. Accrued salaries payable $750. 2. Depreciation $235 per month. 3. Supplies on hand $1,530. 4. Income tax due and unpaid at December 31 is $170. Journalize the adjusting entries. I really need help with the adjusting entries. I cannot remember how to do this...