Author Question: The journal entry to record payroll transactions for the accounting period is to debit Wages and ... (Read 100 times)

jCorn1234 · **on:** Jul 5, 2018

The journal entry to record payroll transactions for the accounting period is to debit Wages and Salaries Expense for the gross pay and credit the appropriate liability and cash accounts.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Basquets, Inc. purchased land and two factories at a total cost of 800,000. To the right of the appraised values below, show the amount Basquets should record as the cost of each asset:

Asset Appraised values Recorded Values
1. Land 100,000 __________
2. Factory 1 300,000 __________
3. Factory 2 600,000 __________

kaylee05 · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

True

Answer to Question 2

Asset Recorded Values
1. Land (100,000/1,000,000) x 800,000 = 80,000
2. Factory 1 (300,000/1,000,000) x 800,000 = 240,000
3. Factory 2 (600,000/1,000,000) x 800,000 = 480,000