Business, 29.02.2020 03:00 nschavez123
Below are transactions for Wolverine Company during 2021.On December 1, 2021, Wolverine receives $2,400 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $11,280. The payment is debited to Prepaid Insurance for the entire amount. Employee salaries of $1,400 for the month of December will be paid in early January 2022.On November 1, 2021, the company borrows $7,000 from a bank. The loan requires principal and interest at 12% to be paid on October 30, 2022.Office supplies at the beginning of 2021 total $840. On August 15, Wolverine purchases an additional $1,800 of office supplies, debiting the Supplies account. By the end of the year, $340 of office supplies remains. Required:Record the necessary adjusting entries at December 31, 2021, for Wolverine Company. You do not need to record transactions made during the year. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
Answers: 1
Business, 22.06.2019 13:50
Diamond motor car company produces some of the most luxurious and expensive cars in the world. typically, only a single dealership is authorized to sell its cars in certain major cities. in less populous areas, diamond authorizes a single dealer for an entire state or region. the manufacturer of diamond automobiles is using a(n) distribution strategy for its product.
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Business, 22.06.2019 15:00
Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,388. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year and the fica tax rate for medicare is 1.45% of all earnings. the futa tax rate of 0.6% and the suta tax rate of 5.4% are applied to the first $7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was $1,391.77. what is the total amount of taxes withheld from the portia's earnings?
Answers: 2
Business, 22.06.2019 15:40
The cost of direct labor used in production is recorded as a? a. credit to work-in-process inventory account. b. credit to wages payable. c. credit to manufacturing overhead account. d. credit to wages expense.
Answers: 2
Below are transactions for Wolverine Company during 2021.On December 1, 2021, Wolverine receives $2,...
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