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accountant
vocab
44
Accounting
01/03/2012

Additional Accounting Flashcards

 


 

Cards

Term
Debit Federal Unemployment Tax Payable $28.00, credit Cash $28.00
Definition
WKRP Broadcasting paid federal unemployment taxes of $28. What is the entry to journalize the payment of the unemployment taxes?
Term
Debit Payroll Tax Expense $405.00; Credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
Definition
Sports Incorporated has employer payroll taxes as follows: Social Security Tax $225.00, Medicare Tax $125.00 and Federal Unemployment Tax $55.00. What is the entry to record the employer's payroll taxes?
Term
$ 16.00
Definition
In FIGURE 4.03 E, what is the employer's federal unemployment tax for the pay period?
Term
$124.00
Definition
In FIGURE 4.03 E, what is the employer's Social Security tax amount for the pay period?
Term
$ 29.00
Definition
FIGURE 4.03 E, what is the employer's Medicare tax amount for the pay period? Carson's Candy Shoppe has $2,000.00 in wages, $124.00 in Social Security withholding, $29.00 in Medicare withholding, $500.00 in federal income tax withholding, and $100.00 in state income tax withholding. The federal unemployment tax rate is 0.8%.
Term
Debit Salary Expense $1,500.00; credit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00, Cash $1,105.25
Definition
John's Seafood has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. What is the correct entry for recording the company's payroll?
Term
$84.67
Definition
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
Term
$39.00
Definition
In FIGURE 4.03 C, what is the state income tax withholding for Kevin?
Term
$37.20
Definition
In FIGURE 4.03 C, what is the Social Security withholding for Kevin?
Term
$6.16
Definition
In FIGURE 4.03 C, what is the Medicare withholding for Sally? Sneaker's Grill pays its employees weekly. Taxes are withheld based on the following percentages. Federal Income Tax withholding is calculated using the IRS Tax Tables.
Social Security Withholding: 6.20%
Medicare Withholding: 1.45%
Federal Income Tax Withholding: Tax Withholding Tables
State Income Tax Withholding: 6.50%
Term
$1,634.62
Definition
In FIGURE 4.03 B, what are Alison's gross earnings for the pay period?
Term
$468.00
Definition
In FIGURE 4.03 B, what are Daniel's gross earnings for the pay period?
Term
$465.00
Definition
In FIGURE 4.03 B, what are Nick's gross earnings for the pay period?
Term
$1,077.50
Definition
In FIGURE 4.03 B, what are Mark's gross earnings for the pay period?
Term
Debit State Unemployment Tax Payable $95.00; credit Cash $95.00
Definition
WKRP Broadcasting paid state unemployment taxes of $95.00. What is the entry to journalize the payment of the unemployment taxes?
Term
Debit State Unemployment Tax Payable $168.00, credit Cash $168.00
Definition
Watauga Office Supply paid state unemployment taxes of $168.00. What is the entry to journalize the payment of the unemployment taxes? (NCCTE.9_12.BE.6311.CA04.03)
Term
Debit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable $250.00; credit Cash $600.00
Definition
Burger Barn paid the following taxes: Social Security $240.00, Medicare $110.00, Federal Income Tax $250.00. What is the entry to journalize the payment of the payroll taxes?
Term
Debit Payroll Tax Expense $405.00; credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
Definition
Sports Incorporated has employer payroll taxes as follows: Social Security Tax $225.00, Medicare Tax $125.00 and Federal Unemployment Tax $55.00. What is the entry to record the employer's payroll taxes?
Term
$84.67
Definition
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
Term
$8.70
Definition
In FIGURE 4.03 C, what is the Medicare withholding for Kevin?
Term
$27.63
Definition
In FIGURE 4.03 C, what is the state income tax withholding for Sally? Sneaker's Grill pays its employees weekly. Taxes are withheld based on the following percentages. Federal Income Tax withholding is calculated using the IRS Tax Tables.
Social Security Withholding: 6.20%
Medicare Withholding: 1.45%
Federal Income Tax Withholding: Tax Withholding Tables
State Income Tax Withholding: 6.50%
Term
40 Regular Hours, 8 Overtime Hours, and 48 Total Hours
Definition
Brandon worked 7 hours on Monday, 8 hours on Tuesday, 10 hours on Wednesday, 9 hours on Thursday, 10 hours on Friday, and 4 hours on Saturday. Brandon's rate of pay is $12 per hour. Calculate Brandon's regular, overtime and total hours for the week
Term
$173.25
Definition
Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay?
Term
$26.35
Definition
In FIGURE 4.03 C, what is the Social Security withholding for Sally? Sneaker's Grill pays its employees weekly. Taxes are withheld based on the following percentages. Federal Income Tax withholding is calculated using the IRS Tax Tables.
Social Security Withholding: 6.20%
Medicare Withholding: 1.45%
Federal Income Tax Withholding: Tax Withholding Tables
State Income Tax Withholding: 6.50%
Term
Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
Definition
Jessica wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $85; and repairs, $55. A cash count shows $75 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Repair Expense $43, debit Supplies $75, and credit cash $110, credit Cash Short and Over $8
Definition
Joseph wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $75; and repairs, $43. A cash count shows $40 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash $150
Definition
Daniel wants to replenish the $250 petty cash fund. He has receipts for the following total payments: postage, $34; and repairs, $76. A cash count shows $100 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55
Definition
Steve wants to replenish the $200 petty cash fund. He has receipts for the following total payments: supplies, $18; and repairs, $32. A cash count shows $145 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Repair Expense $35, debit Supplies $55, debit Cash Short and Over $15, and credit Cash $105
Definition
Emily wants to replenish the $300 petty cash fund. She has receipts for the following total payments: supplies, $55; and repairs, $35. A cash count shows $195 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125
Definition
Michelle wants to replenish the $300 petty cash fund. She has receipts for the following total payments: postage (Office Expense), $40; supplies, $25; and repairs, $45. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15
Definition
Timothy wants to replenish the $300 petty cash fund. He has receipts for the following total payments: postage (Office Expense), $35; supplies, $25; and repairs, $95. A cash count shows $160 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Petty Cash $250 and credit Cash $250
Definition
Claire wants to establish a $250 petty cash fund for her business. She requested a check for $250. What is the correct journal entry to record the transaction?
Term
Debit Repair Expense $15, debit Supplies $35 and credit Cash $50
Definition
Scott wants to replenish the $225 petty cash fund. He has receipts for the following total payments: supplies, $35; and repairs, $15. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Office Expense $27, debit Supplies $36 and credit Cash $63
Definition
David wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $36; and postage (Office Expense), $27. A cash count shows $87 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Repair Expense $45, debit Supplies $25 and credit Cash $70
Definition
Mary wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $25; and repairs, $45. A cash count shows $130 in the petty cash box. What is the correct journal entry to record the transaction?
Term
Debit Petty Cash $500 and credit Cash $500
Definition
Michael wants to establish a $500 petty cash fund for his business. He has requested a check for $500. What is the correct journal entry to record the transaction?
Term
Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00
Definition
On February 14, Watauga Enterprises received notice from the bank of a dishonored check from Wilkes Company in the amount of $200.00. The bank charged a service fee of $25.00. What is the correct journal entry for Watauga Enterprises to record the dishonored check?
Term
Debit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00
Definition
On April 16, Caldwell Company received notice from the bank of a dishonored check from Hickory Hosiery in the amount of $55.00. The bank charged a service fee of $25.00. What is the correct journal entry for Caldwell Company to record the dishonored check?
Term
$2,345.00
Definition
On March 31, Iredell Company received a bank statement showing the following information.
Bank statement balance $2,345.00
Bank service charge $15.00

The records of the business show the following information:
Outstanding deposit, Mar. 29 $250.00 Outstanding checks:
No. 288 $225.00
No. 289 $25.00
Assuming that the bank statement balance is correct, what is the correct Cash account balance on March 31?
(NCCTE.9_12.BE.6311.CA04.01)
Term
$1,330.00
Definition
In Scenario 4.01 G, calculate the adjusted bank balance. On July 31 of the current year, Beaufort Brothers received a bank statement dated July 30. The following information is obtained from the bank statement and from the records of the business:

Bank statement balance $1,350.00 Outstanding checks:
Bank service charge $5.00 No. 250 $95.00
Outstanding deposits: No. 251 $175.00
July 30 $250.00
Checkbook balance on Check Stub No. 252 $1,335.00
Term
Debit Miscellaneous Expense $3.00; credit Cash $3.00
Definition
In Scenario 4.01 B, what is the journal entry to record the bank service charge? On October 29 of the current year, McDowell Company received a bank statement dated October 28. The following information is obtained from the bank statement and from the records of the business:
Bank statement balance $1,625.00 Outstanding checks:
Bank service charge 3.00 No. 123 $ 80.00
Outstanding deposit, October 28 300.00 No. 125 75.00
Checkbook balance on Check Stub No. 126 $1,477.00
Term
$1,452.00
Definition
In Scenario 4.01 H, calculate the adjusted bank balance. On August 31 of the current year, Brunswick Builders received a bank statement dated August 30. The following information is obtained from the bank statement and from the records of the business:

Bank statement balance $1,485.00 Outstanding checks:
Bank service charge $3.75 No. 347 $55.00
Outstanding deposits: No. 352 $28.00
Aug 30 $50.00
Checkbook balance on Check Stub No. 354 $1,468.00
Term
$4,525.00
Definition
On October 31, Cherokee Company received a bank statement showing the following information:
Bank statement balance $4,375.00
Bank service charge $25.00

The records of the business show the following information:
Outstanding deposit, Oct. 29 $500.00 Outstanding checks:
Outstanding deposit, Oct. 30 $175.00 No. 329 $325.00
No. 330 $125.00
No. 331 $75.00

Assuming that the bank statement balance is correct, what is the correct Cash account balance on October 31?
(NCCTE.9_12.BE.6311.CA04.01)
Term
$4,010.00
Definition
In Scenario 4.01 F, what is the adjusted bank balance? On February 28 of the current year, Yancey Company received a bank statement dated February 27. The following information is obtained from the bank statement and from the records of the business:

Bank statement balance $3,500.00 Outstanding checks:
Bank service charge $3.50 No. 234 $100.00
Outstanding deposits: No. 235 $90.00
February 27 $500.00
February 28 $200.00
Checkbook balance on Check Stub No. 237 $3,873.00