1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
AysviL [449]
3 years ago
12

Assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. T

he city pays its employees bi-weekly on Friday. The fiscal year ended on Wednesday, June 30. Employees had been paid on Friday, June 25. The employees paid from the general fund had earned $90,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30). What entry, if any, should be made in the city’s general fund on June 30? Debit Expenditures $90,000; credit Accrued wages and salary $90,000 Debit Expenses $90,000; credit Accrued wages and salary $90,000 Debit Expenditures $90,000; credit Encumbrances $90,000 Debit Expenses $90,000; credit Encumbrances $90,000
Business
2 answers:
EastWind [94]3 years ago
7 0

Answer: Debit expenses $90000; credit accrued wages and salaries $90000

Explanation:

Accrued wages and salaries are liabilities unpaid at the end of a financial period in respect of wages and salaries.

The entry for accrued wages and salaries involves a debit to the expense account and a credit to the accrued wages and salaries account. In the case of the financial statements for City of Juneau described above, we can make the entry thus:

Payment of wages is biweekly, and was last paid on Friday June 25.

The year ended June 30, therefore workers have earned wages for Monday, Tuesday and Wednesday amounting to $90000.

So we have to debit expenses with $90000 and credit accrued wages and salaries with $90000.

Because the accrued wages will be paid in the next financial year, the entries will be reversed at the beginning of that year.

ra1l [238]3 years ago
5 0

Answer:

Debit Expenses $90,000; credit Accrued wages and salary $90,000

Explanation:

If we assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. The employees paid from the general fund had earned $90,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30).

The entry, if any, should be made in the city’s general fund on June 30 is to: Debit Expenses $90,000; credit Accrued wages and salary $90,000

The amount has been incurred in the month but has not been paid hence it has to be captured as expenses for the month of June while the double entry will be that the amount is captured as accrued wages signifying that it has not been paid within the period it was incurred

You might be interested in
Which of the following statements is true of a corporation?
Vladimir [108]

Answer:

d. Corporations pay income tax on corporate earnings, and shareholders pay personal income tax on corporate dividends and gains from the sale of stock.

Explanation:

At the end of each accounting period, the corporation is expected to pay a tax known as income tax from the taxable income earned by the corporation. This tax is paid by the corporation before the amount to be paid to the shareholders of the company in form of dividends.

The shareholders of the company are further subjected as individuals to personal income tax.

This is known as double taxation of dividend. Gains from sale of stock are also taxed under personal income tax.

3 0
3 years ago
Read 2 more answers
Which of the following circumstances usually comes before a period of economic contraction?
erik [133]
C
A low GDP for two or more consecutive quarters is usually followed by economic contraction. 
8 0
3 years ago
Which type of loan requires that you pay the interest accumulated during college?
butalik [34]
B. the subsidized federal loan /////////////////////

7 0
3 years ago
Read 2 more answers
Sales of Schwinn's apartment-sized exercise machine have experienced a steady climb; however, the profits have been negative. Th
Alchen [17]

Answer:

<em>The Schwinn exercise machine is most likely in the</em> <u>introduction</u><em> stage of the product life cycle.</em>

Explanation:

The life cycle of a product is characterized by the phases:

1- introduction,

2- growth,

3- maturity

4- decline.

The first step is the introduction, which characterizes the product's insertion in the market, and includes business efforts to make consumers aware of the product. This phase has as its main characteristics the <u>low volume of production and sales.</u>

8 0
3 years ago
__________ indicate such things as when to touch and​ where, when to smile and when to​ frown, and whether loud talking and expa
svet-max [94.6K]
Display rules indicate such things as when to touch and where, when to smile and when to frown, and whether loud talking and expansive gestures or quietness and controlled movements should be used.  All cultures have these and they typically vary even just slightly from one another. These are instilled in us from the beginning and let us know what behavior is acceptable and when. Cultural differences allow people to work together and bounce ideas off of one another, but they most also know how to appropriately interact with different cultures. 
4 0
2 years ago
Other questions:
  • The windshield division of fast car co. makes windshields for use in fast car's assembly division. the windshield division inncu
    15·1 answer
  • What is one of the largest contributors to health problems in low-income countries?
    7·1 answer
  • Pat picked a card from a standard deck, looked at it, and then put it back. he then picked a second card. what is the probabilit
    12·1 answer
  • Which of the following is an action company co-managers should seriously consider in trying to improve the company's credit rati
    7·1 answer
  • Felix Mining acquired a copper mine at a total cost of $3,000,000. The mine is expected to produce 6,000,000 tons of copper over
    9·1 answer
  • Mr. Leghorn lives next door to Mr. Fudd. During hunting season, Mr. Fudd likes to shoot rabbits in his backyard, which activity
    7·1 answer
  • When using the needs approach, several "special needs" should be considered. One special need is money to cover unexpected event
    10·1 answer
  • For segmentation strategy to be successful, the customers in the segment must react similarly and positively to firm's offering,
    5·1 answer
  • The supply and demand curves reflect the availability and cost of a new gaming system. If the gaming system market is currently
    11·2 answers
  • The first mall in mumbai, india​ was successful. Builders proceeded to construct three more right away. However, they have more
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!