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worty [1.4K]
3 years ago
11

Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecord

ed salaries. The next payday is January 3, at which time $30,000 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.
Business
1 answer:
mamaluj [8]3 years ago
3 0

Answer:

The journal entry for the following is shown below:

Explanation:

The journal entry for the salary which is paid on January 3 is as:

January 3

Salaries expense A/c..........................Dr     $30,000

             Cash A/c..............................................Cr    $30,000

As the salary is paid worth $30,000, so the salary expense is decreasing and any decrease in expense is debited. Therefore, the salary expense account is debited. And it paid against the cash and the cash is going out of the business and any decrease in cash will be credited. Therefore, the cash account is credited.

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5 0
2 years ago
Read 2 more answers
Paige noted that she disbursed $7,847 in payments for operations in her travel agency and received $7,162 in cash receipts for s
AnnyKZ [126]

There is negative cash flow of $685 in the case given as the total amount of cash disbursements was $7,847 and the cash receipts $7,162 for services rendered. Hence, the correct option is negative cash flow.

<h3>What do you mean by cash flow from operating activities?</h3>

Cash flow from operating activities (CFO) shows the quantity of cash an organization brings in from its ongoing, everyday commercial enterprise activities, together with production and promoting items or presenting a service to customers.

The missing information in the question is:

Multiple Choice:

negative cash flow.

positive disbursement.

bad debt allowance.

tax credit payment.

Hence, There is negative cash flow of $685 in the case given as the total amount of cash disbursements was $7,847 and the cash receipts $7,162 for services rendered. The correct option is negative cash flow.

learn more about cash flow from operating activities here:

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6 0
2 years ago
Why can the owner of a business withdraw assets from that business for personal use?
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3 years ago
Read the scenario below and then answer the question. Sample scenario: Scientists have created a new grass seed that stops grass
Ray Of Light [21]

Answer: a good with an elastic supply

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Price elasticity of supply simply refers to how the changes in market price of a good bring about a responsiveness to the supply of such good.

Based on the information given, the best description of the grass seed that is described in this scenario is that it's a good that has an elastic supply. This is because the price of the good in thus case, is sensitive to the changes in the price.

7 0
3 years ago
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If an employer chooses a per diem method of substantiation for travel expenses,
Ahat [919]

If an employer chooses a per diem method of substantiation for travel expenses, the meals and incidental expenses method requires actual cost records to substantiate lodging expenses.

Option E

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The price of the meal and the additional expenses while travelling away from home for work purposes is deducted from an employee or self-employed person. The expense deduction generally requires the costs to be substantiated.

There has been, however, an optional form that prohibits receipts for these taxpayers.

The IRS releases Diem levels for different parts of the United States (see Notification 2015-63 on the subject of irs.gov). For just the intent of measuring a meal and an accessory deduction, taxpayers may use such per diem rates and will be required to prove it.

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3 years ago
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