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GrogVix [38]
3 years ago
6

Prior to adjustment at August 31, Salary Expense has a debit balance of $267,550. Salaries owed but not paid as of the same date

total $3,920.
Required: Present the entries to record the following:
(1) Accrued salaries as of August 31
(2) Closing of Salary Expense as of August 31
Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
Sveta_85 [38]3 years ago
6 0

Answer:

1.

Salaries Expense  $3,920 (debit)

Salaries Payable  $3,920 (credit)

2.

Profit and Loss Account $271,470 (debit)

Salaries Expense $271,470 (credit)

Explanation:

1. Recognize an Expense : Salaries Expense and also recognize a liability : Salaries Payable.

2.The Salaries Expense is closed off to the Profit and Loss Account.

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Scenario: Mary Ling works for XYZ Corporation, LLC and they have just merged with ABC, Inc. Mary’s job, supervisor, and work loc
Minchanka [31]

Answer: c. Mary will need to send some sort of official documentation regarding the merge or company name change to the DSO, so that her record can be updated.

Explanation:

The options to the question are:

a. This is a new company and new position, Mary will need to compelete a new CPT application.

b. Nothing has changed, Mary does not need to provide any updates.

c. Mary will need to send some sort of official documentation regarding the merge or company name change to the DSO, so that her record can be updated.

d. Mary can call campus and just tell someone.

From the question, we are informed that Mary Ling works for XYZ Corporation, LLC and they have just merged with ABC, Inc. In this case since there is a merger, Mary has to send official documentation to the DAO in order to notify them about the merger and the change of name of the company. When the documents are received by the DSO, it'll be processed and the change will be effected in the student's record.

4 0
3 years ago
___________are funds that the bank keeps on hand that are not loaned out or invested in bonds. group of answer choices
Nadusha1986 [10]

Certificates of deposit exist as funds that the bank keeps on hand that exists not loaned out or invested in bonds.

<h3>What are certificates of deposits?</h3>

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A certificate of deposit (CD) is a type of savings account where the issuing bank pays interest in exchange for holding a specified sum of money for a predetermined length of time, such as six months, a year, or five years. You will receive the amount you initially invested plus any interest when you cash in or redeem your CD.

Bonds and certificates of deposit (CDs) are comparable but not the same. Both of these securities are fixed-income investments that the holder keeps until the due dates. Investors invest money in bonds or CDs for a predetermined amount of time, and when that time expires, they receive their money back.

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5 0
1 year ago
A company purchased a machine for $193,000 on October 1, 2021. The estimated service life is 10 years with a $19,800 residual va
mestny [16]

Answer:

$4,330

Explanation:

the amount that needs to be depreciated = purchase price - residual value = $193,000 - $19,800 = $173,200

depreciation per year using straight line method = $173,200 / 10 = $17,320

depreciation per month = $17,320 / 12 = $1,443.33 per month

we must record 3 months of depreciation expense = 3  months x $1,443.33 per month = $4,330

December 31, 2021

Dr Depreciation expense 4,330

    Cr Accumulated depreciation - machinery 4,330

6 0
3 years ago
Burns has a capital balance of $79,000 after adjusting assets to fair market value. Van Ness contributes $43,000 to receive a 30
SVETLANKA909090 [29]

Answer:

$6400 bonus paid to Partner

Explanation:

Equity of Burns =$79000

Van Ness contribution =$43000

Total equity after van ness contribution = $79000+$43000

=$122000

Van Ness equity interest = 30% of $122000

=$36600

Partner bonus = Van Ness contribution - Van Ness equity interest

= $43000 - $36600

= $6400 bonus paid to partner

5 0
3 years ago
Read 2 more answers
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