Prepare a journal entry for the given transactions

Assignment Help Accounting Basics
Reference no: EM132049596

Question - Prepare a journal entry for the following transactions: On August 30th, Decreases in asset accounts are recorded as credits Increases in liability accounts are recorded as credits Increases in expense accounts are recorded as a debit Credit Cash in Bank for $12,034.05 Credit Employer's Federal Income Tax Payable for $258.30 Employees' State Income Tax Payable for $27.50 Social Security Tax Payable for $834.08 Medicare Tax Payable for $195.07 Hospital Premiums Payable for $78.90 U.S Savings Bonds Payable for $25.00 Debit Salary Expense for $13,452.90.

Reference no: EM132049596

Questions Cloud

Jake is 3 times as old as lacy : Jake is 3 times as old as lacy. 8 years from now the sum of there ages will be 64. How old are they now?
What is your estimated of the stock intrinsic value : The last dividint the firm recorded was $1.03. If rs is calculated at 11% what is your estimated of the stock intrinsic value?
Write the standard form equation of the parabola : Write the standard form equation of the parabola that passes through (12,24), (12,24),if the vertex at the origin and the axis of symmetry is vertical.
Prepare journal entries for the issuance of the notes : Prepare journal entries for the issuance of the notes and warrants for the cash consideration received. Notes would have been issued at a 20% to 24% discount
Prepare a journal entry for the given transactions : Prepare a journal entry for the following transactions: On August 30th, Decreases in asset accounts are recorded as credits Increases
The types of occupations which workers chose : Identify at least two ways in which the industrial economy impacted the types of occupations which workers chose.
Calculate the operating cash flows for years : Calculate the operating cash flows for years 1-4. Calculate the salvage value of the machine at the end of year 4,
Calculate diluted earnings per share and the incremental eps : Calculate diluted earnings per share for 2013 and the incremental EPS of the preferred stock and convertible bonds
How long is the major axis of the track : The units are given in yards. How long is the major axis of the track? Explain how you found the distance.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Predict the proportion of children during a period of stress

A developmental psychologist advanced a theory that predicted the proportion of children who would, during a period of stress, cling to their mother.

  Scheer corporation is involved in the business of injection

scheer corporation is involved in the business of injection molding of plastics. it is considering the purchase of a

  What amount can derek deduct on his 2008 tax return as

derek purchases a small business from arton september 1 2008. he paid the following amounts for the business.fixed

  How much profit will penni make from her investment

Kathleen "Penni" Jock is a young career woman who has built a substantial investment portfolio. Most of her holdings are preferred stocks-a situation.

  Calculate the net operating income

In the coming year, the Sandbergs expect a rental property investment costing $120,000 to have gross potential rental income of $20,000, vacancy and collection.

  Disclosure of estimates nancy tercek

Give your opinion on the following statement and cite reasons: "Because Tercek, the vice president, is most directly responsible for the media release, Lilly has no real responsibility in this matter."

  Calculate total cost for each job harrison

Calculate total cost for each job Harrison - Barnes--direct material $13,299 direct labor hours 88 direct labor cost 22,184

  The cost of the annuity was 46800 and cecil was expected to

cecil c. seymour is a 646-year-old widower. he had income for 2013 as followspension from former employer 39850interest

  Higher return for stockholders

Why do you think that these two extremes exist for a highly leveraged firm - higher return for stockholders and other equity partners

  Compute the basic and diluted earning per share

Bragg issued $1,500,000 of 10% convertible bonds at face value during 2012. REQUIRED - Compute the basic and diluted earning per share for 2013

  On january 1 2012 the ledger of montoya company contains

on january 1 2012 the ledger of montoya company contains the following liability accounts. accounts payable 53450 sales

  Prepare journal entries to record lopezs 2010 and 2011

Lopez Company began operations on January 1, 2010, and it estimates uncollectible accounts using the allowance method. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collectio..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd