74) Chelsea Services Company pays its staff their wages every Friday. The staff works a five-day work week and the payroll amounts to $25,000 per week. The last day of January falls on a Tuesday, and an adjustment entry is needed to accrue wage expense as of January 31. Please provide that entry.
75) Chelsea Services Company pays its staff their wages every Friday. The staff works a five-day work week and the payroll amounts to $25,000 per week. The last day of January fell on a Tuesday, and an adjustment entry was made on that date to accrue wage expense. On Friday, February 3, Chelsea Company pays out $25,000 in wages as usual. Please provide the entry needed at the time the wages are paid.
76) A business pays its employees' monthly salaries of $20,000, half on the 15th day of each month, and half on the first day of the following month. It is now October 15, and the business pays out $10,000 in salaries. Please provide the journal entry for that payment.
77) A business pays its employees' monthly salaries of $20,000, half on the 15th day of each month, and half on the first day of the following month. It is now October 31, and the business must make an adjusting entry to accrue salaries for the second half of October. Please provide that adjusting entry.
78) A business pays its employees' monthly salaries of $20,000, half on the 15th day of each month, and half on the first day of the following month. On October 31, the business accrued salaries for the second half of October. On November 1, the business paid their employees $10,000 for the second half of October. Please provide the journal entry for the payment made on November 1.
79) A business hired a repairman to overhaul their plumbing system. The repairman began working on September 15, and will finish the work on October 15. The business will pay him $4,000 when the work is completed. As of September 30, the work was 50% complete, and the business made an adjusting entry to accrue repair expense as of the end of September. Please provide that adjusting entry.
80) A business hired a repairman to overhaul their plumbing system. The repairman began working on September 15 and finished the work on October 15. The business agreed to pay him $4,000 when the work was completed. As of September 30, the work was 50% complete, and the business made an adjusting entry to accrue repair expense as of the end of September. On October 15, the job was done and the business paid the repairman in full. Please provide the journal entry for the cash payment on October 15.
81) Century Security Services had a new customer come in to their office and request their services for a two-month period. Century will collect a total of $10,000 from the customer at the end of the two-month period. Century began providing services on June 1. On June 30, Century needs to make an adjusting entry to accrue service revenue. Please provide that adjusting entry.
82) Century Security Services had a new customer come in to their office and request their services for a two-month period. Century will collect a total of $10,000 from the customer at the end of the two-month period. Century began providing services on June 1. On June 30, Century accrued service revenue for the first one-month period. On July 31, Century completed the services and collected $10,000 from the customer. Please provide the journal entry made to record the collection of cash from the customer on July 31.
83) Century Security Services purchased new communications equipment for $30,000 on October 1, 2010. It will have a useful life of 5 years. Century records depreciation every month. Please provide the depreciation entry needed on October 31, 2010.