Questions from College Accounting

Q: Indicate whether the following items in a bank reconciliation should be

Indicate whether the following items in a bank reconciliation should be (1) Added to the Cash account balance, (2) Deducted from the Cash account balance, (3) Added to the bank statement balance, or (...

Q: Ellie Harrod, owner of Harrod’s Dry Cleaners, makes bank deposits

Ellie Harrod, owner of Harrod’s Dry Cleaners, makes bank deposits in the night depository at the close of each business day. The following information for the last four days of July...

Q: Assume that the employees in Exercise 7–7 are paid from

Assume that the employees in Exercise 7–7 are paid from the company’s regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payr...

Q: Why is it necessary to make general journal entries for the ledger

Why is it necessary to make general journal entries for the ledger balance side of the bank reconciliation?

Q: Determine the gross pay for each employee listed below. a

Determine the gross pay for each employee listed below. a. Clay Jones is paid time-and-a-half for all hours over 40. He worked 45 hours during the week. His regular pay rate is $25 per hour. b. Mary J...

Q: Lisa Meilo works for Pacific Company, which pays its employees time

Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo’s pay rate is $37 per hour. Her wages are subject...

Q: Using the income tax withholding table in Figure 3, for each

Using the income tax withholding table in Figure 3, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Medicare...

Q: For the week ended September 7, the totals of the payroll

For the week ended September 7, the totals of the payroll register for Benton, Inc., are presented below. The regular and overtime earnings are correct. List six errors that exist. None of the employe...

Q: Attracting and retaining the best employees is crucial to operating a business

Attracting and retaining the best employees is crucial to operating a business. Employees will join a company based on opportunities for advancement, training, company culture, and salary and benefits...

Q: Southern Company pays its employees weekly by issuing checks on its regular

Southern Company pays its employees weekly by issuing checks on its regular bank account. The owner thinks it would be too much trouble to have a second checking account. Explain to the owner why havi...