Globe Travel Agency pays an employee $475 in wages each Friday for the live-day workweek ending on

Question:

Globe Travel Agency pays an employee $475 in wages each Friday for the live-day workweek ending on that day. The last Friday of January falls on January 27. What adjusting entry should he made on January 31, the liscaI year-end?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9781618533111

6th Edition

Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman

See More Books

Question Posted: Oct 20, 2021 09:13 AM

See More Questions

The Fly Right Travel Agency was organized on January 1, 2010, by Joe Kirkpatrick. Joe is a good manager but a poor accountant. From the trial balance prepared by a parttime bookkeeper, Joe prepared...
The Wyandotte Travel Agency was organized on January 1, 2008, by Ron Dexter. Ron is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Ron prepared the...
The following adjusting entry for accrued wages was recorded on December 31: a. Journalize the reversing entry that would be made on January 1 of the next period. b. Assume that the first paid period...
Give the three ways to eliminate the balance in the overhead account at the end of the year.
Sketch on a P-T diagram how a constant v line behaves in the compressed liquid region, the two-phase L-V region and the superheated vapor region?
To keep inflation low and steady, central banks would like to keep output reasonably close to its potential level, but can they anticipate changes in potential GDP? Plot since 1960 the percent change...
Suppose Emory rejects the lease we analyzed, and the lessor agrees to lower the lease rate to $11,700 per year. Does this change make the lease attractive?
Inc. prepared the following cash budget for the fourth quarter. Required Fill in the missing amounts, assuming that Topper desires to maintain a $15,000 minimum monthly cash balance. Any required...
The correct syntax of the re . sub ( ) function is re . sub ( string , replacement, pattern ) re . sub ( pattern , string, replacement ) re . sub ( replacement , pattern, string ) re . sub ( pattern...
Capstone Case: Sunrise Bakery Expansion The Sunrise Bakery Corporation was originally founded in Houston, TX in 1991 by Griffin Harris, who currently serves as the company's Chief Executive Officer....
The Bayou Company earns interest amounting to $360 per month on its investments. The company receives the interest every six months, on December 31 and June 30. Monthly financial statements are...
The publisher of International View, a monthly magazine, received two-year subscriptions totaling $9,720 on January 1. (a) What entry should be made to record the receipt of the $9,720? (b) What...
Which categories of goods are rival in consumption? a. private goods and club goods b. private goods and common resources c. public goods and club goods d. public goods and common resources
Practice Set #4 Having recorded, posted (to the General Ledger) and completed the '1-31-23 Trial Balance' worksheet with the unadjusted balances (Practice Set #3), we are now going to prepare the...
Discuss, how AI Tech (artificial intelligence technology) could help financial advisers in the client interview process? (200 words)
2. The Council on Postsecondary Education will limit tuition increases at Kentucky Colleges to 3 percent. This government intervention is an example of (Quota/ Price Ceiling/ Price Floor). Show it on...
When financial leverage is used, what is the potential impact on before-tax cash flow and the current before-tax yield to the equity position? 3. Explain the meaning of the loan-to-value ratio from a...
LKO is a somewhat mature company but is seeking growth capital. Right now LKO Co. has EBIT of 10, CAPEX requirements of 5, Depreciation of 3 and negligible changes in working capital year-to-fear....
Show that the linear transformation T is not surjective by finding an element of the codomain, v, such that there is no vector u with T (u) = v. (E) | 2 + 3b ] 2b 2c a - b+ 2c T: + ,
Marc Company assembles products from a group of interconnecting parts. The company produces some of the parts and buys some from outside vendors. The vendor for Part X has just increased its price by...
The following are the major balance sheet classifications.Current assets (CA)Current liabilities (CL)Long-term investments (LTI)Long-term liabilities (LTL)Property, plant, and equipment...
The following are the major balance sheet classifications.Current assets (CA)Current liabilities (CL)Long-term investments (LTI)Long-term liabilities (LTL)Property, plant, and equipment...
The major balance sheet classifications are listed in E2-1 above.InstructionsClassify each of the following financial statement items based upon the major balance sheet classifications listed inE2-1....
The type of pricing policy that takes the amount it cost you to make the product and increments that amount by a set percentage to determine the final price,what is this called and how is it working?
Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At...
A long-time customer scheduled work to be done on her vehicle. Swifty Auto Repairs, recorded the work on job cost sheet #140 The following cost information was recorded on this customer's job. Direct...

Globe Travel Agency pays an employee $475 in wages each Friday for the live-day workweek ending on

Question:

Step by Step Answer:

Jan 31 Wages expens...View the full answer

Financial Accounting

Students also viewed these Business questions