Ask Experts Questions for FREE Help !
Ask
    troopertubamom's Avatar
    troopertubamom Posts: 1, Reputation: 1
    New Member
     
    #1

    Jul 6, 2012, 11:09 AM
    Adjusting journal entries for supplies
    I am doing closing entries and here is the instructions I was given:

    Wages accrued total 15 hours worked at $8.50 per hour

    Here is the adjusting entry I think it is:

    Salaries and Wages Expense 127.50
    Salaries and Wages Payable 127.50

    Am I on the right track?
    ArcSine's Avatar
    ArcSine Posts: 969, Reputation: 106
    Senior Member
     
    #2

    Jul 6, 2012, 12:43 PM
    Indeed you are.

    In some cases the entry might include credits to various payables for the payroll taxes withholdings that'll apply to the salary, with the credit to "Salary and Wages Payable" then being just for the expected net pay.

    In the absence of any payroll tax rates or other info, though, your entry is correct. The important thing is that you've debited a Salaries expense account, and credited liability(ies) in the same amount (even if the liabilities will eventually be paid in the form of net pay checks and various tax payments for the withholdings).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Journal Entries & Adjusting Journal Entries [ 2 Answers ]

Nov. 15- Purchased $1,600 of merchandise on account from Martin Co, terms 1/30; paid $60 of associated freight charges in cash. My answer: Merchandise Inventory $1600 Accounts Payable $1600 Cash $60 Freight Expense $60...

Adjusting journal entries from adjusting column of work sheet [ 2 Answers ]

How can I prepare necessary adjusting journal entries (a) through (e) by using the following information from the Adjustments columns of a 10-column work sheet. Interest recievable (d)$880 Office supplies ...

Adjusting journal entries [ 1 Answers ]

PREPAID INSURANCE $450-DEBIT FILM ON HAND $250-DEBIT CAMERAS $20,000-DEBIT ACCUMULATED DEPRECIATION-CAMERAS $3,667- CREDIT. UNEARNED REVENUE $5700-CREDIT NOTE PAYABLE $3000-CREDIT SALARIES EXPENSE $2400-DEBIT. IM TO DO ADJUSTED TRAIL BALANCE AND IM NOT SURE...

Determine supplies purchased based on adjusting entries? [ 1 Answers ]

I don't even know how to begin to answer this as there is no information or example of this kind of problem in the normal chapter. I wonder if I simply don't understand the question that is being asked here. Could someone please give me at least some idea of what a proper answer would look...


View more questions Search