James White owns All Natural Fitness Centre, a local gym that caters to people who want natural bodyweight equipment. At the end of May 31, the following are the transactions: May 1 Purchased new equipment, paying cash of $14,200 and signing a 90-day note payable for the balance of $34,000. 2 Purchased 12 months of insurance to begin May 2; paid $25,200. 3 Completed a fitness contract for a group of clients today and received $6,200. 4 Purchased office supplies on account; $3,850. 6 Returned to the supplier $770 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $11,700. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $2,700 from a client for work to be done in June. 31 Paid month-end salaries of $49,000. 31 Paid the May telephone bill today; $2,350. 31 Received the May electrical bill today; $3,300. It will be paid on June 15. Instructions: Prepare the journal entries, below, based on the above transactions by selecting the correct dates and account names from the multiple choice selections as well as entering the correct values for the accounts. Please format the values exactly as they are

James White owns All Natural Fitness Centre, a local gym that caters to people who want natural bodyweight equipment. At the end of May 31, the following are the transactions: May 1 Purchased new equipment, paying cash of $14,200 and signing a 90-day note payable for the balance of $34,000. 2 Purchased 12 months of insurance to begin May 2; paid $25,200. 3 Completed a fitness contract for a group of clients today and received $6,200. 4 Purchased office supplies on account; $3,850. 6 Returned to the supplier $770 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $11,700. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $2,700 from a client for work to be done in June. 31 Paid month-end salaries of $49,000. 31 Paid the May telephone bill today; $2,350. 31 Received the May electrical bill today; $3,300. It will be paid on June 15. Instructions: Prepare the journal entries, below, based on the above transactions by selecting the correct dates and account names from the multiple choice selections as well as entering the correct values for the accounts. Please format the values exactly as they are

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 4PB: Moisa Evans is a maitre d at Red Rock Club. On September 6, his gross pay was 900 (three days...

See similar textbooks

Similar questions

Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.
Joe Roe borrowed $12,000 to travel to a see his son Bill. His loan was to be paid in 48 monthly installments of $275. At the end of 15 months his daughter Joan convinced him that he should pay off the loan early. Joe is entitled to a rebate of: (Use the tables in the handbook) A) $8,502.55 B) $ 122.45 C) $ 572.45
Natalie opened Natalie Washing co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invests $12,000 cash to start the business. July 3 Purchased used truck for $8,000, paying $2,000 cash and signing a 1-year, 10% note for the remainder. July 5 Purchased clening supplies for $900 on account. July10 Paid $1800 cash on a 1-year insurnace policy effective July 1 July 12 Billed customers $3700 fore cleaning services performed. July 15 Paid $500 on amount owed on cleaning supplies. July 16 Received $2500 for serviced to be performed evenly from July 16 through September 15. July 22 Paid $2000 for employee salaries. July 29 July 30 July 31 Collected $1600 cash from customers billed on July 12. Paid $290 for maintenance of the truck during month. Owner withdrew $600 from the business for personal expenses. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts…
On march 4 she spent $20 on a lottery ticket, on mrach 7 she won $ 265000 in the lottery. on march 10 she deposited $80000 in a business chequing account, on march 14 she made a down payment of $150000 from her personal funds plus a home mortgage of $240000. on march 15 she signed a rental agreement for her office for $2000 per month starting march 15, she paid 1st month rent and rest on 15th of every month. on march 19, she hired a receptionist for $725 a week starting march 24, she bought office equipement for $8000. on march 21, she purchased $225 of supplies on account. on march 24 she purchased $6700 of equipment for $3000 plus a $3700 note payable due in 6 months. On march 31 she performed $3700 of legal services on account . On march 31 she received $2500 cash for legal services to be provided in april. On march 31 she paid her receptionist $725 for the week , On march 31 she paid $225 for the supplies purchased on march 21. prepare a tabular analysis of the effects of above…
john began an Upholstery cleaning business on October 1,2020 and engaged in the following transactions during the month: Began business by depositing 12,000 in a Clean & Premium ltd bank oct 1 : account oct 2 :Ordered Cleaning supplies 3,000 oct 3: Purchased cleaning equipment for 2,800. oct 4 : Made two months' van lease payment in advance, 1,200 Received the cleaning supplies ordered on (Oct 2) oct 7: and agreed to pay half the amount in 10 days, and the rest in 30 days oct 9: Paid for repairs on the van with cash, 1,080 oct 12 : Received cash for cleaning upholstery, 960. oct 17: Paid half the amount owed on supplies purchased on Oct 7, 1,500. oct 21 : Billed customers for cleaning upholstery, 1,340 oct 24 :Paid cash for additional repairs on the van, RM80 oct 27 : Received 600 from the customers billed on October 21. oct 31 Made a cash withdrawal of 700. you are Required to A : Prepare the general journal based on the above transactions. B:…
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $78,300 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 3,000 1,600 1,400 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income
Frankie finances a motor home for $44,300 by taking out an installment loan for 36 months. The payments were $1,784.31 per month and the total finance charge was $19,935.16 after 21 months Frankie decided to pay off the loan. After calculating the finance charge rebate, find the loan payoff amount. $22490.17 $23,897.36 $22,417.77 $23,172.73
Craig has decided to start snow plowing during the winter months. He purchased a heavy-duty dump truck with plow and salter from Power Equipment for $40,000 on October 1st, 2026. He paid $1,000 as a down payment and the remaining balance on a 5% -7 year note to Power Equipment. You will be completing several accounting activities in regards to this purchase. What would the journal entry be for the check 1. Use the write check function in QB Online to record the entire purchase (down payment and capitalization of the truck and related liability). Use check number 171. Create accounts as needed in QB Online. You may find it helpful to write out the journal entry first before completing it in QB Online.
This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,820 Cost of purchasing a delivery uniform 1,420 Cash contribution to State University deliveryman program 1,310 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Please post the right solution for this problem, for year 2022. This is for Tax 4001. Thank you.
Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php1,000 and financed the rest 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s.
Moisa Evans is a maitre d at Red Rock Club. On September 6, his gross pay was 900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of 860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the companys 401(k) plan and has 5% of his gross pay (900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution (45) into the plan for Evans. This weeks pay would have a: a. Deduction for OASDI tax_______ b. Deduction for HI tax__________
Sally is in the business of purchasing accounts receivable last year Sally purchased an account receivable with a face value of 83,000 for 60,000. During the current year, Sally settled the account, receiving 65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year.