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- McFriend Inc. records its liabilities for employees’ vacations at the end of each month. For the month of January, McFriend had 46 employees who are paid an average of $144 per day. The company allows 15 paid vacation days per year. Required: Prepare the journal entry to record the monthly vacation accrual for July 1.On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to Norman Company. The face value was $9,000, and it had a stated 6% annual rate of interest. Kotler Company made the required accrual on December 31. On February 1, the entry to record the collection of the note should include: Select one: a. A decrease to Interest Receivable for $135 b. An Increase to Interest Income for $45 c. A decrease to Notes Receivable for $8,135 d. An increase to Interest Income for $135On September 1, Kennedy Company loaned $112,000, at 9% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?
- On July 1, Alaskan Adventures issues a $160,000, eight-month, 6% note. Interest is payable at maturity. What is the amount of interest expense that the company would record in a year-end adjustment on December 31?Sarasota Corp.s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for El, and $9,061 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month. Prepare a journal entry for Sarasota on April 30 to record the payment of the April payroll to employees. (Credit account titles are automatlcally Indented when the amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter O for the amounts.)On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,620; credit Interest Revenue, $4,620. Debit Interest Expense, $4,620; credit Interest Payable, $4,620 Debit Interest Receivable, 4,620; credit Interest Revenue, $4620. Debit Interest Expense, $13,860; credit Interest Payable, $13,860 Debit Interest Receivable, $13,860; credit Cash, $13,860 Graw 7:26 PM W 100% 3 Type here to search 2/21/2022
- Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 6% of sales. Assume that sales were $540,000 for January. On February 7, a customer received warranty repairs requiring $160 of parts and $75 of labor. Required: a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. Refer to the Chart of Accounts for exact wording of account titles. b. Journalize the entry to record the warranty work provided in February. Refer to the Chart of Accounts for exact wording of account titles.A company's telephone bill consists of two elements. One is a quarterly rental charge, payable in advance; the other is a quarterly charge for calls made, payable in arrears. At 1 April 20X9, the previous bill dated 1 March 20X9 had included line rental of $90. Estimated call charges during March 20X9 were $80. During the following 12 months, bills totalling $2,145 were received on 1 June, 1 September, 1 December 20X9 and 1 March 20Y0, each containing rental of $90 as well as call charges. Estimated call charges for March 20Y0 were $120. What is the amount to be charged to the statement of profit or loss for the year ended 31 March 20Y0? A $2,185 B $2,205 C $2,155 D $2,215 Please provide detailed answer with proper explanation that why and what is done .. thankyouParker Manufacturing Co. warrants its products for one year. The estimated product warranty is 2.5% of sales. Assume that sales were $600,000 for January. In February, a customer received warranty repairs requiring $200 of parts and $110 of labor. Required: A. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. Refer to the Chart of Accounts for exact wording of account titles. B. On February 28, journalize the entry to record the warranty work provided in February. Refer to the Chart of Accounts for exact wording of account titles.
- On November 1, Bahama Cruise Lines borrows $21 millon and Issues a six-month, 9% note payable. Interest Is payable at maturity. Record the Issuance of the note and the appropriate adjustment for Interest expense at December 31, the end of the reporting perlod. (If no entry Is requlred for a particular transactlon/event, select "No Journal Entry Required" In the first account fleld. Enter your answers In dollars, not In mlllons (I.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit November 01 Record entry Clear entry View general jourmalOn October 1, Eder Fabrication borrowed $60 million and issued a nine-month, 12% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned $1,754, so the following adjusting entry was made: The first pay period in 20-2 was on January 4. The totals line from IrinaCompany’s payroll register for the week ended January 4, 20-2, was as follows: Required1. Prepare the journal entry for the payment of the payroll on January 4, 20-2.2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and ending balance as of January 4, 20-2.