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Determine the payroll accrual at the end of the month

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Reference no: EM132541044

Question 1 - Dave Townsend paid the fire insurance premium of $1,200 for the Townsend Cafe on April 24. The insurance coverage is from May 1 through October 31. Monthly financial statements are prepared for the Townsend Cafe.

Required -

1. Record the payment on April 24 for $1,200.

2. Based on the information above, what is the amount of insurance expense for April? What is the monthly insurance expense for each month over the insurance coverage period?

3. What is the balance of the Prepaid Insurance account at the end of June?

Question 2 - Cassie Cafe is open each day of the year. The annual payroll for hourly employees is $182,500. The cafe pays wages on a biweekly basis on Friday for the pay period ending on Thursday. The last day of the month is on Wednesday. The last pay period ended on the prior Thursday.

Required -

1. Determine the payroll accrual at the end of the month.

2. Prepare the journal entry to record the accrual.

Reference no: EM132541044

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