ACCOUNTING 4.03 REVIEW
Using Figure 4.03 E, on January 1, after adjusting and closing entries have been posted, determine the appropriate reversing entry for Accrued Salary Expense. (4.03)
Debit Employee Income Tax Payable, Social Security Tax Payable, Medicare Tax Payable and Salaries Payable and credit Salaries Expense - Administrative and Salaries Expense - Sales
Using Figure 4.03-B, determine the appropriate reversing entry for Accrued Salary Expense.
Debit Employee Income Tax Payable, Social Security Tax Payable, Medicare Tax Payable and Salaries Payable and credit Salaries Expense - Administrative and Salaries Expense- Sales
Using Figure 4.03 C, on January 1, after adjusting and closing entries have been posted, determine the appropriate reversing entry for Accrued Salary Expenses. (4.03)
Debit Employee Income Tax Payable, Social Security Tax Payable, Medicare Tax Payable and Salaries Payable and credit Salaries Expense - Sales and Salaries Expense - Administrative
Using Figure 4.03 E, determine the appropriate adjusting entry for Accrued Federal Income Tax Expense. (4.03)
Debit Federal Income Tax Expense and credit Federal Income Tax Payable
Using Figure 4.03-B, determine the appropriate adjusting entry for Accrued Federal Income Tax Expense.
Debit Federal Income Tax Expense and credit Federal Income Tax Payable
On December 10, Jones Company borrowed $1,300 from Trust 1/4th Bank by issuing a 60-day, noninterest-bearing note payable. The bank discounted the note at 10% deducting $30 in advance. The amount of interest expense for the current period is $7.58. On December 31, Johnson Company needs to record the adjusting entry for prepaid interest expense. Using a 360-day year, determine the correct adjusting entry.
Debit Interest Expense $7.58 and Credit Discount on Notes Payable $7.58
Use Scenario 4.03-B. On January 1, after adjusting and closing entries have been posted, a reversing entry is needed. Determine the appropriate reversing entry needed?
Debit Interest Income $11.50 and credit Interest Receivable $11.50
Better Business Company has two notes receivable outstanding. The accrued interest for Note #1 is $5.00. The accrued interest for Note #2 is $10.00. No money has been received. On January 1, after adjusting and closing entries have been posted, a reversing entry is needed. Determine the appropriate reversing entry needed? (4.03)
Debit Interest Income $15.00 and credit Interest Receivable $15.00
Jones Company has a 90-day, 12% note payable for $6,500 dated December 17 in which interested has accrued. On January 1, after adjusting and closing entries have been posted, what is the appropriate reversing entry? (4.03)
Debit Interest Payable $30.33 and credit Interest Expense $30.33
Fast Wheels Company has two notes receivable outstanding. The accrued interest for Note #1 is $7.50. The accrued interest for Note #2 is $3.50. No money has been received. On December 31, an adjusting entry is needed to show the accrued interest. Determine the appropriate adjusting entry. (4.03)
Debit Interest Receivable $11.00 and credit Interest Income $11.00
Better Business Company has two notes receivable outstanding. The accrued interest for Note #1 is $5.00. The accrued interest for Note #2 is $10.00. No money has been received. On December 31, an adjusting entry is needed to show the accrued interest. Determine the appropriate adjusting entry. (4.03)
Debit Interest Receivable $15.00 and credit Interest Income $15.00
Use Scenario 4.03-B. On December 31, an adjusting entry is needed to show the accrued interest. Determine the appropriate adjusting entry?
Debit Interest Receivable $5.00 and credit Interest Income $5.00
Using Figure 4.03 C, determine the appropriate adjusting entry for Accrued Employer Payroll Taxes Expense. (4.03)
Debit Payroll Tax Expense and credit Social Security Tax Payable, Medicare Tax Payable, Unemployment Tax Payable - Federal and Unemployment Tax - State
Using Figure 4.03 E, determine the appropriate adjusting entry for Accrued Employer Payroll Taxes Expense. (4.03)
Debit Payroll Tax Expense and credit Social Security Tax Payable, Medicare Tax Payable, Unemployment Tax Payable - Federal and Unemployment Tax Payable - State
Using Figure 4.03-B, determine the appropriate adjusting entry for Accrued Employer Payroll Taxes Expense.
Debit Payroll Taxes Expense and Credit Social Security Tax Payable, Medicare Tax Payable, Unemployment Tax Payable - Federal and Unemployment Tax Payable - State
Simpson Company initially records their prepaid insurance as an expense. Determine the adjusting entry if unexpired insurance premium at year-end totals $1,100.
Debit Prepaid Insurance $1,100 and Credit Insurance Expense $1,100
Simpson Company initially records their prepaid insurance as an expense. Determine the reversing entry if unexpired insurance premium totaled $1,100 at year-end.
Debit Prepaid Insurance $1,100 and Credit Insurance Expense $1,100
Use Scenario 4.03-A: The unearned or deferred revenue needs an adjusting entry on December 31st. Which is the appropriate adjusting entry?
Debit Rent Income and credit Unearned Rent
Using Figure 4.03 E, determine the appropriate adjusting entry for Accrued Salary Expense. (4.03)
Debit Salaries Expense - Administrative and Salaries Expense - Sales and credit Employee Income Tax Payable, Social Security Tax Payable, Medicare Tax Payable and Salaries Payable
Using Figure 4.03 C, determine the appropriate adjusting entry for Accrued Salary Expense. (4.03)
Debit Salaries Expense - Administrative and Salaries Expense - Sales and credit Employee Income Tax Payable, Social Security Tax Payable, Medicare Tax Payable, and Salaries Payable
Using Figure 4.03 C, on January 1, after adjusting and closing entries have been posted, determine the appropriate reversing entry for Accrued Employer Payroll Taxes Expense. (4.03)
Debit Social Security Tax Payable, Medicare Tax Payable, Unemployment Tax Payable - Federal and Unemployment Tax Payable - State and credit Payroll Taxes Expense
Using Figure 4.03 E, on January 1, after adjusting and closing entries have been posted, determine the appropriate reversing entry for Accrued Employer Payroll Taxes Expense. (4.03)
Debit Social Security Tax Payable, Medicare Tax Payable, Unemployment Tax Payable - Federal and Unemployment Tax Payable - State and credit Payroll Taxes Expense
Shaw Company initially records their supplies as an expense. What is the adjusting entry if ending inventory is $2,050? (4.03)
Debit Supplies Expense - Office $6,950 and credit Supplies - Office $6.950
Simpson Company initially records their supplies as an expense. Determine the adjusting entry if the ending inventory of Supplies on Hand was $3,000.
Debit Supplies Expense - Sales $1,275 and credit Supplies - Sales $1,275
On December 10, Red Rocker Company received $2,000, covering December and January rent from their renters. The Red Rocker Company records their rent payments received as revenue. After adjusting entries and closing entries are posted for the fiscal period, the unearned or deferred revenue needs a reversing entry on January 1st. Which is the appropriate reversing entry? (4.03)
Debit Unearned Rent and credit Rent Income
Use Scenario 4.03-A: After adjusting entries and closing entries are posted for the fiscal period, the unearned or deferred revenue needs a reversing entry on January 1st. Which is the appropriate reversing entry?
Debit Unearned Rent and credit Rent Income
On December 1, Jordan Company received $3,000 December, January, and February rent from their renters. Robbins Company records their rent payments received as a liability. The unearned or deferred revenue needs an adjusting entry on December 31st. Which is the appropriate adjusting entry? (4.03)
Debit Unearned Rent and credit Rental Income
On December 3, Franklin Company received $6,000, covering December and January rent from their renters. Robbins Company records their rent payments received as a liability. The unearned or deferred revenue needs an adjusting entry on December 31st. Which is the appropriate adjusting entry? (4.03)
Debit Unearned Rent and credit Rental Income
