Assume that for the August 20 payroll, McFriend (see RH9 4) pays its employees $120,000 for time

Question:

Assume that for the August 20 payroll, McFriend (see RH9 4) pays its employees $120,000 for time worked and $10,000 for vacation taken. Prepare the journal entry' to record McFriend’s August 20 payroll.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

See More Books

Question Posted: Oct 05, 2015 05:17 AM

See More Questions

Accounts Payable and Cash Discounts On January' 4, 2016, Dunbar Company purchased, on credit, 2,500 television sets at $800 each. Terms of the purchase were 2/10, n/30. Dunbar paid for 20% of these...
On May 1, 2016, Ramden Company issues 13% bonds with a face value of $2 million. The bond contract calls for retirement of the bonds in periodic installments of $200,000, starting on May 1, 2017, and...
Short-Term Debt Expected to Be Refinanced While examining the 2016 financial statements of Warder Corporation, you found evidence that the following were not included in its current liabilities on...
A health care facility in a metropolitan area is interested in the efficiency of its laboratory turnaround time. Based on data collected over last year, the mean turn around time was found to be 55...
The College Athletes data set on the text CD comes from a study of University of Georgia female athletes. The response variable BP = maximum bench press (1RM in data set) has explanatory variables...
David, a high school student, wore a shirt to school that expressed his admiration for the United States Marines and for U.S. troops serving overseas. The t-shirt depicted a picture of an M16 rifle...
Suppose we wish to estimate the probability of a rare event (such as a default probability). Let the random variable $X$ be equal to 1 if the event occurs and to zero otherwise. Then...
Prepare journal entries for each of the following selected transactions. a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $70,000 cash along with equipment...
How is the preparation of the statement of cash flow different from other financial statements as it relates to the source of information?
Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31: Amount Total sales revenue $1,421,000 $ $ Selling price per snowboard Variable selling expense...
McFriend Inc. records its liabilities for employees' vacations semiannually. As of January' 1, McFriend has 50 employees who are paid an average of $ 176 per day. The company allows 15 paid vacation...
Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of...
Follow the directions of Problem 31 if v (t) = 1/2 + sin 2t and the interval is 0 t 3/2.
Let $n=12$, and let $B$ have the Ewens distribution with parameter $\theta>0$. Suppose $B$ has six blocks. Which is more likely: (a) that $B$ has all blocks of size two; (b) that $B$ has...
The conjugate quaternion is $\bar{q}=q_{0}-q_{1} \mathbf{i}-q_{2} \mathbf{j}-q_{3} \mathbf{k}$, so $q=\bar{q}$ means that $q$ is real, and $q=-\bar{q}$ means that $q$ is purely imaginary....
By definition, the randomization protocol is a known distribution on treatment assignments. In this context, 'known' means declared at baseline and $P_{\theta}(\mathbf{t})=$...
Let $\Theta=\mathbb{R}^{2}$, and let $P_{\theta}$ be the von Mises-Fisher distribution on the unit circle with density \[ P_{\theta}(d \phi)=\frac{e^{\theta^{\prime} y} d \phi}{I_{0}(|\theta|)}...
A quaternion is a formal linear combination $q=q_{0}+q_{1} \mathbf{i}+q_{2} \mathbf{j}+q_{3} \mathbf{k}$ of four basis elements $\{1, \mathbf{i}, \mathbf{j}, \mathbf{k}\}$ with real coefficients,...
Solve: log(x + 4) - log(x - 2) = log x.
Based on the scenario described below, generate all possible association rules with values for confidence, support (for dependent), and lift. Submit your solutions in a Word document (name it...
Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet: The following stock transactions occurred during 2019: Jan. 4 Issued 3,000 shares of common stock...
Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders equity section: The company engaged in the following stock transactions during 2019: Jan. 4 Paid the...
Cory Companys shareholders equity on January 1, 2019, is as follows: Preferred stock, 8%, $100 par, callable at $116 ....................................$100,000 Preferred stock, 7%, $100 par...
A researcher reports that "the mean score for women (M=8.6, SD= .4) was higher than the mean score for men (M=6.5, SD= .4)." What statistic is she telling you about?
A naive way to implement the antithetic variable scheme is to use both U and 1 - U in an inver- sion simulation. Examine empirically whether this method leads to variance reduction for the...
Part (a) Let n be an odd positive integer. Let M be the n x n matrix whose entry in row i and column j is given by Mi,j = i+j-2 i+j-2-n ifi+j 2 < n otherwise. For example, when n = 3 the matrix M is...

Assume that for the August 20 payroll, McFriend (see RH9 4) pays its employees $120,000 for time

Question:

Step by Step Answer:

August 20 Salaries ...View the full answer

Intermediate Accounting Reporting and Analysis

Students also viewed these Accounting questions