PLease check my work.
Peck Company pays its employees every firday. Its weekly payroll is 66,000. This year, December 31 fell on a Thursday.
Directions:
1. Record the December 31, 20xx adjusting entry for unpaid salaries.

Salaries Expense Dr. 66,000
Cash Cr. 66,000

2. Record the entry for payment of the salaries on January 1, 20x1, assuming no reversing entry.

Salaries Expense Dr. 52,800
Salaries Payable Dr. 13,200
Cash Cr. 66,000

3. Assuming that Peck used reversing entries, prepare the January 1, 20x1 reversing entry.

Salaries Expense Dr. 13,200
Salaries Payable Cr. 13,200

4. Asumming that the entry in (3) is made, prepare thre January 1, 20x1 entry for payment of the salaries.

Salaries Expense Dr. 66,000
Cash Cr. 66,000

Three notes payable are outstanding on December 31, 20x1. Data for each of the notes following.
Principal Interest rate Date of note
(a) $30,000 10% Dec. 1, 20x1
(b) $50,000 12% Dec. 16, 20x1
(c) $80,000 9% Nov. 1, 200x1

This what I did:
30,000x10%x30/360= 25.00
50,000x12%x15/360= 25.00
80,000x9%x60/360 = 360.00

Carlos signed a 6,000, 120-day,9% note on Oct. 1, 20x2, with interest to be paid on the due date.

1. Record the dec. 31, 20x2 adjusting entry for accrued interest expense.

Interest Expense Dr. 90.00
interest payable Cr. 90.00

2. Assuming no reversing entries, record the entry for payment of the note plus interest on its due date.

Note payable Dr. 6000
interest Expense Dr. 90.00
interest payable Dr. 90.00
Cash CR. 6,180.00

3. Assumeing that Carol used reversing entries, prepare the January 1, 20x3 reversing entry.

Interest Expense DR. 90.00
Interest Payable CR. 90,00

4. Assuming that thr entry in (3) is made, prepare the entry for payment of the note plus interest on its due date.

Interest Payable Dr. 90.00
Interest Expense Cr. 90.00

I really need help with theses two.

Danly has a 90-day note receivable that is dated dec. 1, 20x1. The 12,000 note bears interest at 10% The principal and the interest will be received on the due date.

1. record the December 31, 20x1 adjusting entry for accrued interest.

2. Assuming no reversing entries, prepare the entry to record the receipt of the principal and interest on the due date.

3. Assuming the use of reversing entries, prepare the January 1, 20x0, reversing entry.

4. Assuming that the entry in (3) is made, prepare the entry to record the receipt of the principal and interest on the due date.


Dexter company paid 2400 for a one -year insurance policy on August 1, 20xx.

1. Record the December 31, 20xx adjusting entry if the August 1 entry was debited to an asset account.

2. Record the December 31, 20xx adjusting entry if the August 1 entry was debited to an expense account.

3. Make the January 1 20x1 reversing entries for (1) and (2).

This accounting is something when you really don't have no one to teach it the right. So please help me.

PLease check my work.
Peck Company pays its employees every firday. Its weekly payroll is 66,000. This year, December 31 fell on a Thursday.
Directions:
1. Record the December 31, 20xx adjusting entry for unpaid salaries.

Salaries Expense Dr. 66,000
Cash Cr. 66,000

1. You have only accrued 4 days out of 5. So Expense should be 80% of 66,000. And not you don't pay CASH until Friday, so it should be an accounts payable.

Actual answer:
Salaries Expense Dr. 52,800
Salaries Payable Cr. 52,800
Calculation : 66,000 x 4/5 = 52,800


2. Record the entry for payment of the salaries on January 1, 20x1, assuming no reversing entry.

Salaries Expense Dr. 52,800
Salaries Payable Dr. 13,200
Cash Cr. 66,000

You only have 1 day to expense (Jan 1….66,000x1/5=13,200)

Salaries Expense Dr. 13,200
Salaries Payable Dr. 52,800 (paying off the liability)
Cash Cr. 66,000 (must pay it all)


3. Assuming that Peck used reversing entries, prepare the January 1, 20x1 reversing entry.

Salaries Expense Dr. 13,200
Salaries Payable Cr. 13,200

??


4. Asumming that the entry in (3) is made, prepare thre January 1, 20x1 entry for payment of the salaries.

Salaries Expense Dr. 66,000
Cash Cr. 66,000

Did you look aat page 2 and 3. How I do on them

Three notes payable are outstanding on December 31, 20x1. Data for each of the notes following.
Principal Intrest rate Date of note
(a) $30,000 10% Dec. 1, 20x1
(b) $50,000 12% Dec. 16, 20x1
(c) $80,000 9% Nov. 1, 200x1

This what i did:
30,000x10%x30/360= 25.00
50,000x12%x15/360= 25.00
80,000x9%x60/360 = 360.00

I would have used 365 days, not 360. Other than that the calculation looks good.
Your numbers appear to be off:
30,000x10%x30/360= 250.00, NOT 25.00

Answer should be (using 365)……
30K note = 246.58
50K note = 246.58
80K note = 1,183.56


Carlos signed a 6,000, 120-day,9% note on Oct. 1, 20x2, with interest to be paid on the the due date.

1. Record the dec. 31, 20x2 adjusting entry for accrued interest expense.

Interest Expense Dr. 90.00
interest payable Cr. 90.00

0.09 x 6,000 = 540 in interest x 4/12 (only a 4mont note) = $180 (total interest for 4 months)

3 of 4 months should be accrued. 180 x 3/4= 135

Interest Expense Dr. 135
interest payable Cr. 135


2. Assuming no reversing entries, record the entry for payment of the note plus interest on its due date.

Note payable Dr. 6000
interest Expense Dr. 90.00
interest payable Dr. 90.00
Cash CR. 6,180.00

Note payable Dr. 6000
interest Expense Dr. 45(180-135)
interest payable Dr. 135 (from question before)
Cash CR. 6,180.00


3. Assumeing that Carol used reversing entries, prepare the January 1, 20x3 reversing entry.

Interest Expense DR. 90.00
Interest Payable CR. 90,00

??


4. Assuming that thr entry in (3) is made, prepare the entry for payment of the note plus interest on its due date.

Interest Payable Dr. 90.00
Interest Expense Cr. 90.00

I really need help with theses two.

Danly has a 90-day note receivable that is dated dec. 1, 20x1. The 12,000 note bears interest at 10% The principal and the interest will be received on the due date.

1. record the december 31, 20x1 adjusting entry for accrued interest.

12,000 x .10 x 90/365 = 295.89 total interest on 90 day note
Only 1 month accrued (December) 295.89 x 30/90 = 98.63

Interest Expense Dr. 98.63
Interest Payable Cr. 98.63


2. Assuming no reversing entries, prepare the entry to record the receipt of the principal and interest on the due date.

Notes Payable Dr. 12,000
Interest Expense Dr. 197.26
Interest Payable Dr. 98.63
Cash Cr. 12,295.89


3. Assuming the use of reversing entries, prepare the January 1, 20x0, reversing entry.

4. Assuming that the entry in (3) is made, prepare the entry to record the receipt of the principal and interest on the due date.



Dexter company paid 2400 for a one -year insurance policy on August 1, 20xx.

1. Record the december 31, 20xx adjusting entry if the August 1 entry was debited to an asset account.

Insurance Expense 1,000 (2,400 x 5/12)
Prepaid Insurance Cr. 1,000


2. Record the December 31, 20xx adjusting entry if the August 1 entry was debited to an expense account.

Prepaid Insurance 1,400 (2,400-1,000)
Insurance Expense 1,400

3. Make the January 1 20x1 reversing entries for (1) and (2).

This accounting is something when you really don't have noone to teach it the right. So please help me.

Thank you very much. Goodbye