2) Alice and Janet are in an accounting class together and discussing the handling of a company’s payroll in general. One thing Janet was wondering is if there would ever be a time when there would not be a journal entry for SUTA Payable. And if so, when. Alice never thought of this before and isn’t sure what the answer is.
- Your mission: Provide this answer, explain why, and give a specific example!
3) We just hired you as our new bookkeeper. You overheard a manager say that one of the companies biggest investors, Henry Ellison, had sold $50,000 worth of bonds in the bond market.
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- As the bookkeeper for this company, how would you record this? Make sure you explain your answer!