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Adelaide Ltd pays its employees on a monthly basis. The payroll is processed on the 6th day of the month and payable on the 7th day of the month. Gross salaries for July were $500 000, from which $125 000 was deducted in tax. All of Adelaide Ltd's salaries are accounted for as expenses. Deductions for health insurance were $10 000. Payments for health insurance and employee income taxes withheld are due on the 15th day of the following month.
question
Question A. Journal entries to record the July payroll, the payment of July salaries and the remittance of deductions.
Question B. the balance of the accrued payroll account at the end of July.
Bank employees use a system known as the maker-checker system. An employee will record an entry in the appropriate journal, and then a supervisor will verify and approve the entry. Identify the principles of internal control inherent in the maker-che..
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Assume Walmart acquires a tract of land on January 1, 2009 for $100,000 cash.On December 31, 2009, the current market value of land is $150,000. On December 31, the current market value of land is $120,000. Indicate the effects on the balance sheet ..
Tablot Inc. acquired the common stock of Evers Inc. for $150,000 on December 1, 2016. At December 31, 2016, the fair value of the Evers common had decreased to $145,000. Which classification will result in a higher total stockholders’ equity at Decem..
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