Account Balance on Number Title June 1 $69,500.00 2,018.00 2,735.00 641.00 787.50 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 540.00 222 511 530 1,380.00 0.00 0.00 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $5,394.00 covering the following May taxes: $2,735.00 Social Security tax Medicare tax Employee federal income tax withheld Total 641.00 2,018.00 $5,394.00 30 June payroll: Total wages and salaries expense Less amounts withheld: $22,050.00 Social Security tax Medicare tax $1,367.10 319.73 1,920.00 Employee federal income tax Savings bond deductions Net amount paid 787.50 4,394.33 $17,655.67 30 Purchased savings bonds for employees, $1,575.00 30 Employer payroll taxes expenses for June were: Social Security $1,367.10 Medicare 319.73 FUTA 54.00 SUTA 364.50 Total $2,105.33 July 15 Paid $5,293.66 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld Total $2,734.20 639.46 1,920.00 $5,293.66 31 Paid SUTA tax for the quarter, $1,744.50 31 Paid FUTA tax, $594.00
Account Balance on Number Title June 1 $69,500.00 2,018.00 2,735.00 641.00 787.50 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 540.00 222 511 530 1,380.00 0.00 0.00 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $5,394.00 covering the following May taxes: $2,735.00 Social Security tax Medicare tax Employee federal income tax withheld Total 641.00 2,018.00 $5,394.00 30 June payroll: Total wages and salaries expense Less amounts withheld: $22,050.00 Social Security tax Medicare tax $1,367.10 319.73 1,920.00 Employee federal income tax Savings bond deductions Net amount paid 787.50 4,394.33 $17,655.67 30 Purchased savings bonds for employees, $1,575.00 30 Employer payroll taxes expenses for June were: Social Security $1,367.10 Medicare 319.73 FUTA 54.00 SUTA 364.50 Total $2,105.33 July 15 Paid $5,293.66 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld Total $2,734.20 639.46 1,920.00 $5,293.66 31 Paid SUTA tax for the quarter, $1,744.50 31 Paid FUTA tax, $594.00
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 55P
Related questions
Question
JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has five
employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.
The accounts kept by Oxford Company include the following:
Required
1. Journalize the preceding transactions using a general journal.
2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.
Transcribed Image Text:Account
Balance on
Number
Title
June 1
$69,500.00
2,018.00
2,735.00
641.00
787.50
101
Cash
211
Employee Federal Income Tax Payable
Social Security Tax Payable
Medicare Tax Payable
Savings Bond Deductions Payable
FUTA Tax Payable
SUTA Tax Payable
Wages and Salaries Expense
Payroll Taxes Expense
212
213
218
221
540.00
222
511
530
1,380.00
0.00
0.00
The following transactions relating to payrolls and payroll taxes occurred during
June and July:
June 15 Paid $5,394.00 covering the following May taxes:
$2,735.00
Social Security tax
Medicare tax
Employee federal income tax withheld
Total
641.00
2,018.00
$5,394.00
30 June payroll:
Total wages and salaries expense
Less amounts withheld:
$22,050.00
Social Security tax
Medicare tax
$1,367.10
319.73
1,920.00
Employee federal income tax
Savings bond deductions
Net amount paid
787.50
4,394.33
$17,655.67
30 Purchased savings bonds for employees, $1,575.00
Transcribed Image Text:30 Employer payroll taxes expenses for June were:
Social Security
$1,367.10
Medicare
319.73
FUTA
54.00
SUTA
364.50
Total
$2,105.33
July 15 Paid $5,293.66 covering the following June taxes:
Social Security tax
Medicare tax
Employee federal income tax withheld
Total
$2,734.20
639.46
1,920.00
$5,293.66
31 Paid SUTA tax for the quarter, $1,744.50
31 Paid FUTA tax, $594.00
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