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Study Resources (Accounting)

30) Prepare a general journal payroll entry for Advanced Computer Programming using the following information: Cumulative EarningsWeekly Before PayrollSalaryDepartment C. Lester$60,000$1,000Office C. Oros90,0001,600Sales J. Carnarvon165,0002,100Office Assume the following: a) FICA: OASDI, 6.2% on a limit of $106,800; Medicare, 1.45% b) Federal income tax is 15% of gross pay c) Each employee pays $20 per week for medical insurance 31) Payroll.
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41) From the following information, prepare the bank reconciliation for Paul's Photography Studio for June. Ending checkbook balance$90 Ending bank statement balance30 Deposits in transit90 Outstanding checks40 Service Charge10 42) Construct the bank reconciliation for Mitter Company as of July 31, from the following information: a. Balance per bank statement$9,150 b. Deposit in transit705 c. Checkbook balance9,250 d. Outstanding checks800 e..
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11) There are two parts to FICA: A) old age benefits and workers' compensation. B) retirement and income tax withholdings. C) OASDI and Medicare. D) All of these answers are correct. 12) FICA taxes provide funding to the government to pay: A) monthly retirement benefits for persons over age 62. B) medical benefits for persons over age.
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35) Deposits in transit result because of a timing difference between the bank records and checkbook records. 36) Any adjustment to the depositor's records because of an item on the bank statement requires a journal entry. 38) Transferring money without paper checks is called electronic funds transfer. 39) If a check marked NSF.
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81) From the following items in the income statement columns of the worksheet of Monaghan Company at December 31, prepare the closing entries without explanation, assuming that a $500 withdrawal was made during the period. Income Statement Account                      Debit       Credit Service Revenue900 Wages Expense550 Rent Expense250 Supplies Expense100 Insurance Expense50____ 950900 Net Loss____50 $950        $950 82) A summary of selected ledger accounts appear below.
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8.3   Learning Objective 8-3 1) The tax paid by the employer for both the employee and employer: A) must be deposited in an authorized depository. B) must be deposited directly in the company's checking account. C) can be paid when the company is determined to have excess cash. D) None of these answers are correct. 2).
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6.3   Learning Objective 6-3 1) What type of an account is the petty cash fund? A) Revenue B) Expense C) Asset D) Liability 2) A petty cash fund is set up: A) to pay for large expenses. B) to pay for small expenses. C) for the owner to withdraw money for personal use conveniently. D) None of these answers are.
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8.1   Learning Objective 8-1 1) Prepaid Worker's Compensation Insurance is what type of account? A) Asset B) Expense C) Liability D) Revenue 2) What type of an account is Wages and Salaries Payable? A) Asset B) Liability C) Revenue D) Expense 3) The Wages and Salaries Expense account would be used to record: A) net earnings for the office workers. B) a credit.
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21) The normal balance of the Petty Cash account is a credit. 22) The Petty Cash account should always be debited when the fund is replenished. Indicate which effect(s) each situation will have: 1.New check written 2.Recorded in the general journal 3.Recorded in auxiliary petty cash record 4.Petty cash voucher prepared 23) ________ Establishment of petty cash 24).
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8.4   Learning Objective 8-4 1) Which taxes are considered 941 taxes? A) FICA, FUTA, and SUTA B) FICA and SIT C) FICA and FIT D) None of these answers are correct. 2) Form 941 is filed: A) monthly. B) annually. C) weekly. D) quarterly. 3) Which form is used to report FICA taxes for the employer and employee, and also federal.
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21) Compute the total overtime earnings.   ________ 22) Compute the total gross earnings for the tutors.   ________ 23) Compute the total gross earnings for the office.   _________ 24) Compute the employees' FICA-OASDI.   ________ 25) Compute the employees' FICA-Medicare.   ________ 26) Compute the total federal income tax.   ________ 27) Compute the total state income tax.   ________ 28) Compute.
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7.3   Learning Objective 7-3 1) Which tax does not have a wage base limit? A) State unemployment tax B) Federal unemployment tax C) FICA-Medicare D) FICA-OASDI 2) The payroll register: A) is a worksheet. B) shows all employee information related to an entire pay period. C) keeps track of an individual employee's payroll history for a calendar year. D) Both.
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30) Prepare journal entries for the following petty cash fund transactions: Nov.1 Established a $75 petty cash fund. 15 Increased the petty cash fund to have a new balance of $100. 30 Replenished the petty cash fund. Currency and coins remaining were $30. Approved paid vouchers were: $10 donation expense; $16 postage expense;.
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31) Compute the net pay.   ________ 32) Prepare the general journal entry to record the payroll. ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ 33) Prepare the general journal entry to record the employer's payroll tax expense. ___________________________________________ _________ _________ ___________________________________________ _________.
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51) The revenue accounts debited and the Income Summary account credited would be the result of: A) closing the Income Summary account—there is a net income. B) closing the Income Summary account—there is a net loss. C) closing the revenue accounts. D) closing the expense accounts. 52) When closing the Income Summary account when there.
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7.2   Learning Objective 7-2 1) An employee has gross earnings of $1,000 with withholdings of 6.2% FICA-OASDI, 1.45 % FICA-Medicare, $50 for federal income tax and $10 for state income tax. How much is the gross pay? A) $1000.00 B) $781.15 C) $771.15 D) $791.15 2) An employee has gross earnings of $1,000 with withholdings of.
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11) Advantages of on-line banking include: A) convenience. B) transaction speed. C) effectiveness. D) All of the above are correct. 12) A deposit received by the bank will include: A) a debit to the company's bank account. B) a credit to the company's bank account. C) no increase or decrease is made to the company's bank account. D) a.
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51) All employees must contribute to Federal and State income tax. 52) When an employee's earnings are greater than FICA base limit during the calendar year, no more FICA-OASDI tax is deducted from earnings. 53) To have less money withheld from your paycheck, an employee can claim more allowances than they actually.
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5.3   Learning Objective 5-3 1) The final step in the accounting cycle is: A) preparing the post-closing trial balance. B) preparing the financial statements. C) journalizing the closing entries. D) journalizing the adjusting entries. 2) Which of the following sequence of actions describes the proper order in the accounting cycle? A) Journalize, post, close, prepare financial statements,.
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11) Why are all of the employer payroll taxes listed in separate payable accounts? The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2) Employee NamePay RateHours Cumulative Department Federal Income WorkedTax Withheld B. Woodard$2,000/wkSalaried$ 98,000Office$ 779.00 J. Thomas13.005140,000Shop320.00 K. McCann17.004642,000Shop330.00 Assume: FICA-OASDI is 6.2% based on.
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21) The drawer writes the check. 22) The drawee of the check is the person receiving the money. 23) The drawee of a check is normally the bank. 24) A deposit ticket usually separates checks deposited from coin and currency deposited. 25) Phishing occurs when a bank customer receives an email requesting personal information. 26).
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79) In the first space below, indicate whether each account is a real or nominal account using (R) Real Account and (N) Nominal Account. In the second space below, indicate by an (X) if the account should be closed.   N     X   0. Advertising Expense ________________ 1. Cash ________________ 2. Tennis Fees ________________ 3. Accounts Receivable ________________.
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45) Indicate which adjustments would require a journal entry during the completion of the bank reconciliation. Place an "X" on the respective line(s). ________ a. Deposit in transit ________ b. Bank service charge ________ c. NSF check ________ d. Check written for $58 recorded on the company's ledger as $85 ________ e. Outstanding checks ________ f..
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61) From the following information, complete the chart for gross earnings for the week. Assume an overtime rate of time and a half over 40 hours. Hourly RateNo. of HoursGross Earnings Worked Kurt Nelson$1441________ Sabrina Schmitz$1639________ Kirk Seifker$1843________ 62) List the purposes of Federal Insurance Contributions Act. 63) What is the purpose of the Fair Labor Standards.
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41) Employer Employee Worker's compensation 42) Employer Employee Union Dues 43) The employees collectively earn a gross wage of $90,000 for the pay period. But the employer says that they cost $97,000. Discuss the discrepancy. 44) What is required of an employer by the Federal Insurance Contributions Act? 45) Compute the net pay for each employee. The FICA.
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31) The premium rate for workers' compensation is based on the type of work performed. 32) The employer's payroll taxes are deducted from the employee's paycheck. 33) FUTA and SUTA are paid for exclusively by the employee. Given the following payroll items you are to identify whether they are the expense of the.
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12) From the following accounts, prepare in proper form a post-closing trial balance for Logan's Pet Sitting on December 31. (Note: These balances are before closing). Logan, Capital$7,400 Cash2,000 Accumulated Depreciation1,500 Equipment5,000 Accounts Payable900 Logan, Withdrawals1,000 Wages Expense2,250 Supplies Expense775 Accounts Receivable3,125 Personal Trainer Fees4,350 13) From the following accounts, prepare in proper form a post-closing trial balance for Matison Company.
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84) What are the major goals of the closing process? 85) Determine the ending owner's equity of a business having a beginning owner's equity of $4,200, withdrawals of $1,500, and after closing the revenues and expenses Income Summary has a credit balance of $4,750. $ ________ 86) Determine the beginning owner's equity of.
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11) The following amounts are an expense to the company except: A) FICA-OASDI Payable. B) FUTA Payable. C) SUTA Payable. D) All of the above are correct. 12) A company must pay Form 941 taxes electronically if: A) they do business in multiple states. B) they pay more than $200,000 in a given year. C) they pay less.
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  6.1   Learning Objective 6-1 1) Internal control over a company's assets should include the following policy: A) Responsibilities and duties of employees will be divided. B) All cash receipts will be deposited into the bank the same day they arrive. C) All cash payments will be made by check (except petty cash). D) All of.
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7.1   Learning Objective 7-1 1) A pay period is defined as: A) weekly. B) bi-weekly. C) monthly. D) All of the above are correct. 2) Gross Earnings are the same as: A) regular earnings only. B) regular earnings + overtime earnings. C) net earnings. D) net earnings + overtime earnings. 3) Under the Fair Labor Standards Act, for any hours that.
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11) Workers' compensation: A) insures employees against losses they may incur due to injury or death while on the job. B) is based on the total estimated payroll. C) is paid for by the employer. D) All of the above are correct. 12) Most employers are levied a payroll tax for: A) state and federal income.
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8.2   Learning Objective 8-2 1) What liability account is reduced when the employees are paid? A) Payroll Taxes Payable B) Federal Income Taxes Payable C) Wages and Salaries Payable D) Wages and Salaries Expense 2) If Wages and Salaries Payable is debited, what account would most likely be credited? A) Cash B) Wages and Salaries Expense C) Payroll Expense D).
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61) The Withdrawals account is closed to the Owner's Capital account. 62) Real accounts are those accounts with balances that are brought forward to the next accounting period. 63) Nominal accounts are called temporary accounts because their balances are not carried forward to the next accounting period. 64) Revenues and expenses are closed.
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