3. Prepare a general journal entry in proper format using the following totals as shown on...
3. Prepare a general journal entry in proper format using the following totals as shown on a payroll journal:
Gross Wages $5,000
FICA withheld 400
FIT withheld 800
|
DATE 20XX |
DESCRIPTION |
POST REF. |
DEBIT |
CREDIT |
||||
(Hotel accounting)
Homework Answers
| Date | Description | Post Ref. | Debit | Credit |
| 20XX | Salaries & Wages Expense | $5,000 | ||
| FICA Taxes Payable | $400 | |||
| State Income Taxes Payable | $800 | |||
| Salaries & Wages Payable | $3,800 | |||
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3. Prepare a general journal entry in proper format using the
following totals as shown on...
On January 14, at the end of the second week of the year, the totals of...
On January 14, at the end of the second week of the year, the totals of Castle Company's payroll register showed that its store employees' wages amounted to $29,130 and that its warehouse wages amounted to $11,290. Withholdings consisted of federal income taxes, $4,850, employer's Social Security taxes at the rate of 6.2 percent, and employees' Social Security taxes at a rate of 6.2 percent. Both the employer's and employees' Social Security taxes are based on the first $118,500, and...
Post the following general journal entries to the general ledger. GENERAL JOURNAL Post Page 1 Credit...
Post the following general journal entries to the general ledger. GENERAL JOURNAL Post Page 1 Credit Date 1/1 Description Cash Debit 20,000 Jacob S., Capital 20,000 1/5 Rent expense 5,000 Cash 5,000 1/8 Supplies 3,000 Cash 3,000 ACCOUNT NAME Cash ACCOUNT NUMBER 1 Balance Credit DATE Item Post Ref Debit Credit Debit ACCOUNT NAME: Supplies ACCOUNT NUMBER: 14 Balance Credit DATE Item Post Ref Debit Credit Debit ACCOUNT NAME: Jacob S., Capital ACCOUNT NUMBER: 31 Balance Credit DATE Item Post...
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA...
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA FICA FIT Enrnings OASDI HI W H $36,195.10 $2,244.10 $524.83 $6,515.00 State Tax $361.95 Union Net Dues Pay $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to deposit the FICA and FIT taxes. Format в і у General Journal Date P.R. Debit Credit Dann 20 of 2
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA...
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA FICA FIT State Union Net Earnings OASDI HI WH Tax Pay Dues $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7% ) . Format B IU HH General Journal Date P.R. Debit Credit
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the...
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the proper format Label the general journal page number as 2. 12/10: Billed customers $16.000 for services rendered. 12/20: paid the rent for the month, $3,000. 12/26: received the electric bill $400. 12/30: received $10.000 from credit customers. Chart of accounts Assets Llabilities Revenue expenses 101: cash 200: AP Owners' equity 300: capital 301: drawing 400:fees income 102:AR 201: notes 500: rent expense 501:...
The totals from the first payroll of the year are shown below. Total FICA Earnings OASDI...
The totals from the first payroll of the year are shown below. Total FICA Earnings OASDI $36,195.10 $2,244.10 FICA HI $524.83 FIT W H $6,515.00 State Tax $361.95 Union Net Dues Pay $500.00 $26,049.22 Refer to Exbibit 6.1. Journalize the entry to record the payroll. Format General Journal Date R. Debit A « Ea 5C
1. Calculate the employers payroll taxes for the week 2. Prepare the general journal entry to...
1.
Calculate the employers payroll taxes for the week
2. Prepare the general journal entry to record the payroll
taxes
Problem 3- Calculating and recording employer payroll taxes 18 points Shoreview, Inc. had the following for the week ended March 13, 20XX Gross earnings for the period FICA-OASDI taxable earnings FUTA and SUTA taxable earnings $146,750 $131,640 39,500 using the tax rates mentioned in the text, with a state unemployment tax rate of 2.9%. 1. Calculate the employers payroll taxes...
General Journal 2. Record the journal entry for the payroll, crediting Cash for the net pay....
General Journal 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. POST. DERIT CREDIT NO. REF DEBIT CREDIT 1 20-Dec31 Wages and salaries expense Employee federal income tax payable Social Security tax payable Medicare tax payable United Way contributions payable Cash Payroll for week ended December 31 Instructions Journalizing Payroll...
Employee Entry Using the completed payroll registers on the Completed Registers page, prepare the Employee journal...
Employee Entry Using the completed payroll registers on the Completed Registers page, prepare the Employee journal entry. Note: If a cell is zero, leave it blank. Feb. 29 Employee Payroll Register HOLLYWOOD WALK OF FAME Employee Payroll Register For Period Ending February 29, 20 NET PAY DEDUCTIONS EARNINGS Grp. Health Ck. No. Amount SUTA FIT сIT SIT OASDI HI Gross Name Ins. Ins. $670.60 $2.85 $1.25 $1.85 101 $52.32 $6.66 $13.79 $143.00 $58.98 $951.30 du Pres, Leo 608.67 1.25 102...
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and...
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes...
Post the following general journal entries to the general ledger. GENERAL JOURNAL Post Page 1 Credit Date 1/1 Description Cash Debit 20,000 Jacob S., Capital 20,000 1/5 Rent expense 5,000 Cash 5,000 1/8 Supplies 3,000 Cash 3,000 ACCOUNT NAME Cash ACCOUNT NUMBER 1 Balance Credit DATE Item Post Ref Debit Credit Debit ACCOUNT NAME: Supplies ACCOUNT NUMBER: 14 Balance Credit DATE Item Post Ref Debit Credit Debit ACCOUNT NAME: Jacob S., Capital ACCOUNT NUMBER: 31 Balance Credit DATE Item Post...
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA FICA FIT Enrnings OASDI HI W H $36,195.10 $2,244.10 $524.83 $6,515.00 State Tax $361.95 Union Net Dues Pay $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to deposit the FICA and FIT taxes. Format в і у General Journal Date P.R. Debit Credit Dann 20 of 2
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA FICA FIT State Union Net Earnings OASDI HI WH Tax Pay Dues $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7% ) . Format B IU HH General Journal Date P.R. Debit Credit
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the proper format Label the general journal page number as 2. 12/10: Billed customers $16.000 for services rendered. 12/20: paid the rent for the month, $3,000. 12/26: received the electric bill $400. 12/30: received $10.000 from credit customers. Chart of accounts Assets Llabilities Revenue expenses 101: cash 200: AP Owners' equity 300: capital 301: drawing 400:fees income 102:AR 201: notes 500: rent expense 501:...
The totals from the first payroll of the year are shown below. Total FICA Earnings OASDI $36,195.10 $2,244.10 FICA HI $524.83 FIT W H $6,515.00 State Tax $361.95 Union Net Dues Pay $500.00 $26,049.22 Refer to Exbibit 6.1. Journalize the entry to record the payroll. Format General Journal Date R. Debit A « Ea 5C
1.
Calculate the employers payroll taxes for the week
2. Prepare the general journal entry to record the payroll
taxes
Problem 3- Calculating and recording employer payroll taxes 18 points Shoreview, Inc. had the following for the week ended March 13, 20XX Gross earnings for the period FICA-OASDI taxable earnings FUTA and SUTA taxable earnings $146,750 $131,640 39,500 using the tax rates mentioned in the text, with a state unemployment tax rate of 2.9%. 1. Calculate the employers payroll taxes...
General Journal 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. POST. DERIT CREDIT NO. REF DEBIT CREDIT 1 20-Dec31 Wages and salaries expense Employee federal income tax payable Social Security tax payable Medicare tax payable United Way contributions payable Cash Payroll for week ended December 31 Instructions Journalizing Payroll...
Employee Entry Using the completed payroll registers on the Completed Registers page, prepare the Employee journal entry. Note: If a cell is zero, leave it blank. Feb. 29 Employee Payroll Register HOLLYWOOD WALK OF FAME Employee Payroll Register For Period Ending February 29, 20 NET PAY DEDUCTIONS EARNINGS Grp. Health Ck. No. Amount SUTA FIT сIT SIT OASDI HI Gross Name Ins. Ins. $670.60 $2.85 $1.25 $1.85 101 $52.32 $6.66 $13.79 $143.00 $58.98 $951.30 du Pres, Leo 608.67 1.25 102...
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