Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $8,800 of unpaid and unrecorded salaries. The next payday is January 3, at which time $22,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1. Multiple Choice Debit Salaries payable $22,000; credit Cash $22,000. Debit Salaries expense $8,800; debit Salaries payable $13,200; credit Cash $22,000. Debit Salaries expense $13,200, debit Salaries payable $8,800; credit Cash $22,000. Debit Salaries expense $22.000; credit Cash $22,000. Debit Salaries expense $13,200; credit Cash $13,200. Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $8,800 of unpaid and unrecorded salaries. The next payday is January 3, at which time $22,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1. Multiple Choice Debit Salaries payable $22,000; credit Cash $22,000. Debit Salaries expense $8,800; debit Salaries payable $13,200; credit Cash $22,000. Debit Salaries expense $13,200, debit Salaries payable $8,800; credit Cash $22,000. Debit Salaries expense $22.000; credit Cash $22,000. Debit Salaries expense $13,200; credit Cash $13,200.
Expert Answer:
Answer rating: 100% (QA)
ANSWER OPTION A Debit salaries expense 22000 credit cash 22000 EXP... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Condensed versions of Mobile Phone Enterprises' financial statements follow for 2 recent years. Required Complete Mobile Phone Enterprises' financial statements by determining the missing amounts...
-
Prepare a journal entry on December 22 for the payment of dividends of $10,000.
-
Prepare the necessary adjusting entries at its year-end of December 31, 2011, for the Jamesway Corporation for each of the following situations. No adjusting entries were made during the year. 1. On...
-
Determine the range of the 2x function y = 3 sec 3
-
Do you think the tone at the top of organizations like Enron and WorldCom led to their demise? In support of your answer, identify specific actions of top managers at each of these companies. In...
-
Jason invests in tax credits that accrue interest at 18.00%. He invests $20,000 and expects full repayment at the end of the 24th month. What will Jasons payment be at the end of month 24?
-
Assuming the same data as given in problem 9, was the well in each case profitable? Discuss your answer. Problem 9:- Property cost (acquisition cost). Drilling cost (one well). Estimated completion...
-
Presented is information related to Rogers Co. for the month of January 2010. Instructions(a) Prepare the necessary adjusting entry for inventory.(b) Prepare the necessary closingentries. Ending...
-
Suppose A utility function U(x) = {ax{ +(1-)x2}" with a > 0 and p>0 is defined over the set S = {(x) | xp+x2P2 M} where P, P2 are prices. Prove that if P1, P2 and M are positive, there exists at...
-
Consider the transportation table given below. Find an initial solution using the northwest corner rule. What special condition exists? Explain how you will proceed to solve the problem. TO...
-
Use TABLE ONE to show the difference it makes, in the long run, if a particular level of output relies more on increased capital stock than on a higher level of technology. The table shows the lower...
-
When gasoline prices rise, accident rates fall. Provide two reasons this might be true.
-
After working for 25 years as personal fitness trainers while raising their kids, three sisters cashed in a total of $120,000 in bonds and decided to open a small, neighborhood fitness center. They...
-
For most normal goods, the income effect and the substitution effect work in the same direction; so when the price of a good falls, both the income and substitution effects lead to a higher quantity...
-
Explain why the marginal revenue curve facing a competitive firm differs from the marginal revenue curve facing a monopolist.
-
Consider a firm that uses capital and labor as inputs and sells 20,000 units of output per year at the going market price of $15. Also assume that total labor costs to the firm are $250,000 annually....
-
A solution containing 20% salt is to be prepared using two available solutions. The first one contains 30% salt and the second contains 5% salt. The final solution is to have a volume of 25 L. Let x...
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
The following refers to units processed in Sunfllower Printings binding department in March. Compute the total equivalent units of production with respect to labor for March using the weighted-...
-
Grassley Company completes these transactions during November of the current year (terms for all its credit sales are 2/10, n/30). Nov. 1 Purchased $ 5,058 of office equipment on credit from Brun...
-
Health Co- op is an outpatient surgical clinic that wants to better understand its costs. It decides to pre-pare an activity- based cost analysis, including an estimate of the average cost of both...
-
Consider the feedback system shown in Figure 10.27. Using Routh's stability criterion, determine the range of the control gain \(K\) for which the closed-loop system is stable. FIGURE 10.27 Problem...
-
Draw a block diagram for the feedback control of a single-link robot arm system, which consists of a DC motor to produce the driving force and an encoder to measure the joint angle. Clearly label...
-
The transfer function of a dynamic system is given by \[G(s)=\frac{20 s+50}{s^{3}+10 s^{2}-5 s-30}\] a. Using Routh's stability criterion, determine the stability of the open-loop system. b. Suppose...
Study smarter with the SolutionInn App