User Account

All Pages

Give the adjusting entry in the general journal

Assignment Help Accounting Basics
Reference no: EM133065182

Question - Giblin's Goodies pays employees weekly on Fridays. However, the company notices that August 31 is a Thursday, and the pay period will end on September 1. The payroll data for August 31-September 1 is as follows:

Gross pay: $14,000.00

Federal income tax: $1,610.00

Social Security tax: $868.00

Medicare tax: $203.00

State income tax: $280.00

Required - Give the adjusting entry in the General Journal to recognize the employee and employer share of the payroll for the week of August 31. Date the entry August 31. Then give the journal entry to reverse the adjustment on September 1, 2017.

Reference no: EM133065182

Questions Cloud

Relationship between marginal cost and average total cost : 1. Explain, with the aid of graph(s), the relationship between marginal cost and average total cost. (Draw the graph and explain)
Successful without gathering sufficient data : A marketing campaign would not be successful without gathering sufficient data. What information can help the hospital stay competitive?
Economic implications on market power : Most Apple users are very committed to Apple products, despite the fact that there are substitute products made by other firms (e.g., Google and Microsoft produ
Formula for the firm average fixed costs : Suppose a firm's plant produces Q units in any given year. The plant itself operates with annualized costs of $10M and other annual fixed expenses totaling $3M.
Give the adjusting entry in the general journal : Give the adjusting entry in the General Journal to recognize the employee and employer share of the payroll for the week of August 31
What is the increase in consumer surplus : Consider a community of 3 households. The marginal benefit/inverse demand for police protection services (denoted as S) for each household is given below:
What are the variable and fixed manufacturing costs : Flagstags Brewery's flexible budget estimates are $74,000, $77,000, and $80,000 to manufacture 4,000, What are the variable and fixed manufacturing costs
Find value of yen in exchange for dollars : The demand for yen in exchange for dollars will decrease if, ceteris paribus
Bargaining power of a property rights owner : Explain how, with use of an example, a right to an injunction increases the bargaining power of a property rights owner.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate ser for each attribute tested in the population

Calculate SER for each attribute tested in the population. Explain why it is inappropriate to set a single acceptable TER and EPER for the combined exceptions

  Explain how materiality is defined by both fasb and iasb

The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms

  Find what is the value of not buying that policy

Find What is the value of not buying that policy? You estimate that there is a 20% chance that your phone will break or get stolen.

  What is the amount of depreciation for the first full year

A building with a cost of $500,000, an estimated residual value of $50,000, What is the amount of depreciation for the first full year

  How much revenue should miller report

The estimated total costs to complete the project were $8,400,000. How much revenue should Miller report for 2020 and 2021

  Prepare journal entries to record quark transaction

Prepare journal entries to record Quark's transaction for the month of January. Do not close out the manufacturing overhead account

  Discuss relaying a message from a receptor protein

A balloon permeable to water but not to glucose contains a 10% glucose solution. A beaker contains a 5% glucose solution. Which of the following is true?

  Make accounting cycle for jounalizing

Make Accounting Cycle for Jounalizing. Received notes as payment of the account on November 5 transaction. Withdrew P3,000 for personal use

  What conflict of interest or influence of others is

An ethical principle which imposes an obligation not to compromise their professional judgment because of bias, conflict of interest or influence of others is

  Direct materials price variance

Direct materials price variance, Direct materials usage variance

  Potential costs due to the discovery of a possible defect

potential costs due to the discovery of a possible defect related to one of its products. these costs are probable and

  He company charges a price of 650 total fixed cost is

he company charges a price of 6.50 total fixed cost is 314400 per year and the break even point is 131000 units. what

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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