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Slav-nsk [51]
1 year ago
15

Chase Company has 10 employees, who earn a total of $2,200 in salaries each working day. They are paid on Monday for the five-da

y work week ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:
Business
1 answer:
UkoKoshka [18]1 year ago
7 0

The adjusting entry is shown below:

Salaries expense A/c $6,600

          To Salaries payable A/c $6,600

(Being salary is adjusted)

The salaries expense is computed by

= Total salary each day × number of days

= $2,200 × 3 days

= $6,600

The 3 days is computed from Monday to Wednesday

And for correct posting, we debited the salaries expense account and credited the salaries payable account.

<h3>What is Salary Payable and Salary Expense?</h3>

Salaries expense is how much an employee earned in salary. Salaries payable refers only to the amount of salary pay that employers have not yet distributed to employees.

Since Salaries are an expense, the Salary Expense is debited.

Correspondingly, Salaries Payable are a Liability and is credited on the books of the company.

Learn more about Salary Payable and Expenses on:

brainly.com/question/14299088

#SPJ4

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Mantle Publications publishes a golf magazine for beginners interested in learning and playing golf. The magazine sells for $4.0
omeli [17]

Answer:

December:

Dr cash         $16,000

Cr subscription revenue   $16,000

Dr cash                         $216,000

Cr unearned revenue                     $216,000

January 2017:

Dr unearned revenue $18,000

Cr subscription revenue            $18,000

Explanation:

The sales of 4000 copies at the newstand means that revenue of $16,000($4*4000) has been earned in December,which means that cash would debited with $16,000 and sales revenue credited with the same amount.

In December,the subscriptions received in advance for 2017 of $216,000($36*6000) would be debited to cash and credited to unearned revenue account.

At the end of January,the unearned revenue would be debited with $18,000($216,000/12) in respect of subscription earned as a result of the Magazine been mailed to subscribers in the month,which now entitles the company to one month subscription as earned sales revenue.

3 0
3 years ago
Zinc, LP was formed on August 1, 20X9. When the partnership was formed, Al contributed $10,000 in cash and inventory with a FMV
elena55 [62]
C is the correct answer
7 0
3 years ago
Yojayna works for a manufacturing company. She meets with her boss once a week to review how well the company is meeting the tac
anygoal [31]

Answer:

She is a middle manager

Explanation:

As for the details provided,

Yojayna has a senior manager, to whom she meets once in every week to discuss the plan, and the achievements so far.

Thus, she is not the top most manager.

Further, she coordinates with supervisors who regulate the operations of employees on daily basis.

Thus, she is a manager to them.

Therefore, she is a middle level manager. Who works according to senior management, and then regulates the work of supervisors also.

8 0
3 years ago
Scotch Inc. arranged a $7,000,000 revolving credit agreement with a group of banks. The firm paid an annual commitment fee of 0.
baherus [9]

Answer:

$575,000

Explanation:

Data provided:

The total amount for the credit agreement = $7,000,000

The amount borrowed by the firm = $6,000,000

The annual commitment fee for the unused balance = 0.5%

Prime rate of interest = 8%

Interest paid above the prime rate = 1.5%

Now,

the unused amount = $7,000,000 - $6,000,000 = $1,000,000

The amount of commitment fees paid

= total unused amount × Annual commitment fees

= $1,000,000 × 0.005

= $5000

Total interest paid on the borrowed amount

= Amount borrowed × (prime rate + additional rate)

= $6,000,000 × ( 0.08 + 0.015)

= $6,000,000 × 0.095

= $570,000

Hence,

the total dollar annual cost of the revolver

=  interest paid on the borrowed amount + amount of commitment fees paid

= $570,000 + $5000

= $575,000

4 0
3 years ago
Suppose that the total revenue received by a company selling basketballs is $600 when the price is set at $30 per basketball and
drek231 [11]

Answer: Demand is Unit - Elastic over this price range.

Explanation:

When total revenue remains the same over various price level then the demand curve is unitary elastic.

Unit-Elastic demand - It depicts a demand curve which is perfectly responsiveness to changes in cost. That is, the amount of demand changes as indicated by a similar percentage changes in prices.

A demand curve with an elasticity of 1 is called as unitary elasticity of demand.

5 0
3 years ago
Read 2 more answers
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