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zaharov [31]
3 years ago
11

Buckeye Incorporated had the following trial balance at the beginning of November.BUCKEYE INCORPORATEDTrail BalanceAccounts Debi

ts CreditsCash $ 2,800Accounts Receivable 800Supplies 1,200Equipment 9,000Accounts Payable $ 1,500Notes Payable 2,100Common Stock 5,100Retained Earnings 5,100--------------------------------------------------------------------------------The following transactions occur in November:November 1 Issue common stock in exchange for $13,000 cash.November 2 Purchase equipment with a long-term note for $4,300 from Spartan Corporation.November 4 Purchase supplies for $2,000 on account.November 10 Provide services to customers on account for $10,000.November 15 Pay creditors on account, $2,000.November 20 Pay employees $3,500 for the first half of the month.November 22 Provide services to customers for $12,100 cash.November 24 Pay $3,000 on the note from Spartan Corporation.November 26 Collect $5,000 on account from customers.November 28 Pay $1,900 to the local utility company for November gas and electricity.November 30 Pay $4,600 rent for November.Record each transaction in a general journal
Business
1 answer:
8_murik_8 [283]3 years ago
3 0

Answer:

Explanation:

November 1 Issue common stock in exchange for $13,000 cash.

Debit Cash 13,000

Credit Common Stock 13,000

November 2 Purchase equipment with a long-term note for $4,300 from Spartan Corporation.

Debit Equipment 4,300

Credit Note Payable 4,300

November 4 Purchase supplies for $2,000 on account.

Debit Supplies 2,000

Credit Accounts Payable 2,000

November 10 Provide services to customers on account for $10,000.

Debit Accounts receivable 10,000

Credit Service Revenue 10,000

November 15 Pay creditors on account, $2,000.

Debit Accounts payable 2,000

Credit Cash 2,000

November 20 Pay employees $3,500 for the first half of the month.

Debit Salary Expense 3,500

Credit Cash 3,500

November 22 Provide services to customers for $12,100 cash.

Debit Cash 12,100

Credit service revenue 12,100

November 24 Pay $3,000 on the note from Spartan Corporation.

Debit Note payable 3,000

Credit Cash 3,000

November 26 Collect $5,000 on account from customers.

Debit Cash 5,000

Credit Accounts receivable 5,000

November 28 Pay $1,900 to the local utility company for November gas and electricity.

Debit Utility expense 1,900

Credit cash 1,900

November 30 Pay $4,600 rent for November.

Debit rent expense 4,600

Credit cash 4,600

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The formula for calculating EOQ is:

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Annual Demand = No. of units sold per week * No. of weeks the store operates

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Who is responsible for withholding the employees income tax?​
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In other words, you withhold a 6.2 percent Social Security tax from your employee’s wages and you pay an additional 6.2 percent as your employer share of the tax (6.2 employee portion + 6.2 employer portion = 12.4 percent total). Also, you withhold a 1.45 percent Medicare tax from your employee’s wages and you pay an additional 1.45 percent as your employer share (1.45 employee portion + 1.45 employer portion = 2.9 percent total). The total of all four portions is 15.3 percent (6.2 percent employee portion of Social Security + 6.2 percent employer portion of Social Security + 1.45 percent employee portion of Medicare + 1.45 percent employer portion of Medicare = 15.3 percent).

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