Edmund OMally Associates reported short-term notes payable and salary payable as follows: During 2012, OMally paid off

Question:

Edmund O€™Mally Associates reported short-term notes payable and salary payable as follows:

2011 2012 Current liabilities (partial) Short-term notes payable Salary payable $ 16,400 3,400 15,600 24 3,100

During 2012, O€™Mally paid off both current liabilities that were left over from 2011, borrowed money on short-term notes payable, and accrued salary expense.
Requirement
1. Journalize all four of these transactions for O€™Mally during2012.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

See More Books

Question Posted: Dec 16, 2011 09:03 AM

See More Questions

Bexx Enterprise specialized in producing canned sardine that passes through two manufacturing processes. The cost of processing for each process in December 2020 was as follows: Direct material...
Edmund OMally Associates reported short-term notes payable and salaries payable as follows: During 2014, OMally paid off both current liabilities that were left over from 2013, borrowed money on...
All transactions involving Notes Payable and related accounts of Pearl Company during 2010 are as follows: Determine the amount of the transactions affecting financing activities and show how they...
1. The Jarmon Company manufactures and sells a line of exclusive sportswear. Prepare a financial position as at 31st December 2022 from the following information. Account Receivable Long term loan...
The 2017 comparative balance sheet and income statement of Riverbend Pools Inc. follow. Riverbend had no non-cash investing and financing transactions during 2017. During the year, there were no...
In Exercises 21 through 34, either evaluate the given improper integral or show that it diverges. 0+! 1 J2 t(In t)2 dt
Describe how ethical theories, principles, virtues, and values are helpful to caregivers and the ethics committee in resolving ethical dilemmas.
Based on the information given, indicate whether the following industry is best characterized by the model of perfect competition, monopoly, monopolistic competition, or oligopoly. a. Industry A has...
University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developing). Management has decided to allocate maintenance costs on the basis...
Think about how you might reorient yourself to your own job. Are the principles of job crafting described above relevant to your work? Why or why not? Consider for a moment a midlevel manager at a...
TransWorld Publishing completed the following transactions during 2012: Oct 1 Sold a six-month subscription, collecting cash of $330, plus sales tax of 9%. Nov 15 Remitted (paid) the sales tax to the...
The accounting records of Clay Ceramics included the following at January 1, 2012: In the past, Clays warranty expense has been 8% of sales. During 2012, Clay made sales of $136,000 and paid $7,000...
Why do so many projects end up terminated as a result of termination through starvation? Discuss the role of ego, power, and politics in this form of project termination.
Statement No. 133 Accounting for Derivative Instruments and Hedging Activities establishes accounting and reporting standards for derivative instrument embedded in other contracts and for hedging...
Explain the role of the following types of data sources in the budget development process. a. Competitor research b. Customer or supplier research c. Declared commitments in areas of operation d....
You can invest in a risk-free technology that requires an upfront payment of $1.04 million and will provide a perpetual annual cash flow of $75,000. Suppose all interest rates will be either 10.3% or...
ITT is building a new plant to make telephones in South Carolina. The initial working capital needs of the plant to finance inventory, payroll, and so forth are $5 million. Each year these needs are...
Firms do not know if they are safe or dangerous before they buy insurance. What would be the minimum price you, as a risk manger would sell insurance at and why?
a. On January 1, 2025, Salt Creek Country Club purchased a new riding mower for $\$ 15,000$. The mower is expected to have a 10 -year life with a $\$ 1,000$ salvage value. What journal entry...
Refer to the Conservation Ecology (Dec. 2003) study of the causes of forest fragmentation, presented in Exercise 2.166 (p. 97). Recall that the researchers used advanced high-resolution satellite...
Why is DNA replication called semiconservative?
Name the two main components of stockholders' equity. Describe the main sources of change in each component.
How does the multiple-step income statement differ from the single-step income statement?
Explain the items reported on a statement of retained earnings.
1. How many meters are there in 110 yards? 2. What is the equivalent length in inches of 2.5 m? 3. The weight of an object is 2.5 lb. What is the equivalent force and mass in the SI system of units?
An object is moving on a circular path of radius 3 . 0 meters at a constant speed. The time re revolution is 4 . 7 s. What is the acceleration of the object?
If the emitted infrared radiation from the asteroid Ceres, have a wavelength of maximum intensity at 20,000 nm, what is the temperature of Ceres assuming Wien's Law?

Edmund OMally Associates reported short-term notes payable and salary payable as follows: During 2012, OMally paid off

Question:

2011 2012 Current liabilities (partial) Short-term notes payable Salary payable $ 16,400 3,400 15,600 24 3,100

Step by Step Answer:

Req 1 Journal Entry DATE ACCOUNTS AND EXPLANA...View the full answer

Financial and Managerial Accounting

Students also viewed these Accounting questions