Answer:
The required entries relating to revenue recognized by Merry Maidens Cleaning on May 1 are:
Debit Cash [$300 x 0.9] $270
Credit Service revenue $270
<em>(To recognize the service revenue from house cleaning)</em>
Explanation:
Merry Maidens Cleaning offers service discount of 10% on a detailed cleaning of a normal-size home and charges $300, generally. This means, on May 1, Ms. E. Pearson was charged $270 ($300 x 0.9). Since the customer paid cash on the same date, the company would recognize it by debiting cash (for receipt of the money) and crediting revenue. Note that this does not necessarily means the company adopts the cash basis of accounting.
Answer:
The journal entries are given as follows;
Explanation:
Jan 5
Cash Dr.$20,520
Sales Tax Payable 20,520-(20,520/1.08) Cr.$1,520
Inventory Cr.$19,000
Unearned Service Revenue Dr.$12,000
Service Revenue Cr.$12,000
Employee payroll Expense Dr.$452,000
Social Security payable Cr.$3,978
Federal Income Tax payable Cr.$5,686
State Income Tax payable Cr.$1,706
payroll Expenses payable (452,000-3,978-5,686-1,706) Cr.$440,630
Answer: Check explanation
Explanation:
Based on the information given, the journal entry will be:
Debit Wages and Salaries $17273
Credit Employee Income Tax Payable $2268
Credit Social security tax payable $827
Credit Medicare tax payable $194
Credit Pension plan deduction payable $711
Credit Health Insurance premium payable $807
Credit Cash $12466
Note:
Wages and salaries expense is the addition of Regular Earnings and the Overtime Earnings which is:
= 16,370 + 903
= 17,273
So that the employees know the policy of the job and so if something does go wrong they cant be held accountable
The best answer for this is D. None of the above. Renting has a lot of benefits especially for people whose job requires to travel or job that needs to be relocated most of the time. Renting can be more flexible than owning a home in a specific place or location. Renting is also cheaper than owning a home/house since the payment is lower than house payment.
