题目内容

The journal entry to record salaries earned by 10 employees will:

A.debit Salary Expense and credit Salary Payable for the net pay.
B.debit Salary Expense and credit Salary Payable for the gross pay.
C.debit Salary Expense for the gross pay, credit FICA Tax Payable, credit Employee Income Tax Payable and credit Salary Payable for the net pay.
D.debit Salary Expense for the net pay, debit FICA Tax Payable, debit Employee Income Tax Payable, and credit Salary Payable for the gross pay.

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When a business receives cash from a customer before earning the revenue, they credit:

A.Accounts Receivable.
B.Sales Tax Payable.
C.Accounts Payable.
D.Unearned Revenue.

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Madison Bank lends Neenah Paper Company $100,000 on January 1, 2014. Neenah Paper Company signs a $100,000, 8%, 6-month note. The journal entry made by Neenah Paper Company on January 1, 2014 is:

A.debit Cash for $92,000 and credit Note Payable for $92,000.
B.debit Interest Expense for $8,000 and credit Cash for $8,000.
C.debit Cash for $100,000 and credit Notes Payable for $100,000.
D.debit Interest Expense for $8,000 and credit Interest Payable for $8,000.

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Monthly sales are $500,000. Warranty costs are estimated at 4% of monthly sales. Warranties are honored with replacement products. No defective products are returned during the month. At the end of the month, the company should record a journal entry with a credit to:

A.Estimated Warranty Payable for $20,000.
B.Warranty Expense for $20,000.
C.Sales for $20,000.
D.Inventory for $20,000.

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Mariano Corporation sells 10,000 units of inventory during the first year of operations for $500 each. The selling price includes a one-year warranty on parts. It is estimated that 3% of the units will be defective and that repair costs are estimated to be $50 per unit. In the year of sale, warranty contracts are honored on 80 units for a total cost of $4,000. What amount will be reported as Estimated Warranty Liability at the end of the year?

A.$4,000
B.$6,000
C.$11,000
D.$15,000

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