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Unit 4 Accounting 1 Review
Accounting 1 study guide
30
Accounting
11th Grade
01/03/2012

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Cards

Term
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?
Definition
Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00
Term
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?
Definition
Debit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00
Term
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?
Definition
Debit Petty Cash $500 and credit Cash $500
Term
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?
Definition
Debit Repair Expense $45, debit Supplies $25 and credit Cash $70
Term
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?
Definition
Debit Office Expense $27, debit Supplies $36 and credit Cash $63
Term
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?
Definition
Debit Repair Expense $15, debit Supplies $35 and credit Cash $50
Term
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?
Definition
Debit Petty Cash $250 and credit Cash $250
Term
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?
Definition
Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15
Term
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?
Definition
Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125
Term
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?
Definition
Debit Repair Expense $35, debit Supplies $55, debit Cash Short and Over $15, and credit Cash $105
Term
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?
Definition
Debit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55
Term
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?
Definition
Debit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash $150
Term
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?
Definition
Debit Repair Expense $43, debit Supplies $75, and credit cash $110, credit Cash Short and Over $8
Term
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?
Definition
Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
Term
Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay?
Definition
$173.25
Term
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.
Definition
40 Regular Hours, 8 Overtime Hours, and 48 Total Hours
Term
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?
Definition
$84.67
Term
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?
Definition
Debit Payroll Tax Expense $405.00; credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
Term
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?
Definition
Debit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable $250.00; credit Cash $600.00
Term
Watauga Office Supply paid state unemployment taxes of $168.00. What is the entry to journalize the payment of the unemployment taxes?
Definition
Debit State Unemployment Tax Payable $168.00, credit Cash $168.00
Term
WKRP Broadcasting paid state unemployment taxes of $95.00. What is the entry to journalize the payment of the unemployment taxes?
Definition
Debit State Unemployment Tax Payable $95.00; credit Cash $95.00
Term
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?
Definition
$84.67
Term
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?
Definition
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
Term
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?
Definition
Debit Payroll Tax Expense $405.00; Credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
Term
WKRP Broadcasting paid federal unemployment taxes of $28. What is the entry to journalize the payment of the unemployment taxes?
Definition
Debit Federal Unemployment Tax Payable $28.00, credit Cash $28.00
Term
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%.
what is the employer's Medicare tax amount for the pay period?
Definition
$ 29.00
Term
Please use the following situation for questions 47 through 49:
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%.
FIGURE 4.03 E
In FIGURE 4.03 E, what is the employer's Social Security tax amount for the pay period?
Definition
$124.00
Term
Please use the following situation for questions 47 through 49:
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%.
FIGURE 4.03 E
In FIGURE 4.03 E, what is the employer's federal unemployment tax for the pay period?
Definition
$ 16.00
Term
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?
Definition
Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
Term
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?
Definition
Debit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55
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