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Assume that the social security tax rate is 0% and the Medicare tax rate is 1.5%. In the folowing summary of data for a payrol period. some amounts have been intentionally omited: Eamings 1. At regular rate 2. At overtime rate 3.Total eamings so0.000 Deductions: 4. Social security tax 5. Medicare tax 6. Federal income tax withheld 37.500 9.390 130.000 7. Medical insurance 21.910 8. Union dues 2. Total deductions 205.810 10. Net amount paid 420.300 Accounts debited: 11. Factory Wages 287.000 12. Sales Salaries 13. Office Salaries 100.000 Required: a. Detemine the amounts omitted in lines (1), (3). (3), and (12). b. On December 19, jourmalize the entry to record the payrol acorual c. On December 20, joumalice the entry to record the payment of the payroll Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations Every line on a joumal page is used for debit or oredit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered

Assume that the social security tax rate is 0% and the Medicare tax rate is 1.5%. In the folowing summary of data for a payrol period. some amounts have been intentionally omited: Eamings 1. At regular rate 2. At overtime rate 3.Total eamings so0.000 Deductions: 4. Social security tax 5. Medicare tax 6. Federal income tax withheld 37.500 9.390 130.000 7. Medical insurance 21.910 8. Union dues 2. Total deductions 205.810 10. Net amount paid 420.300 Accounts debited: 11. Factory Wages 287.000 12. Sales Salaries 13. Office Salaries 100.000 Required: a. Detemine the amounts omitted in lines (1), (3). (3), and (12). b. On December 19, jourmalize the entry to record the payrol acorual c. On December 20, joumalice the entry to record the payment of the payroll Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations Every line on a joumal page is used for debit or oredit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PB
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Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate 2. At overtime rate S88,000 3. Total earnings Deductions: 4. Social security tax 37.500 5. Medicare tax 9,390 6. Federal income tax withheld 7. Medical insurance 130,000 21,910 8. Union dues 9. Total deductions 205,010 10. Net amount paid 420,390 Accounts debited: 11. Factory Wages 267,000 12. Sales Salaries 13. Office Salaries 100,000 Required: a. Detemine the amounts omitted in lines (1), (3), (3), and (12). b. On December 19, jourmalize the entry to record the payrol accrual c. On December 20, journalize the entry to record the payment of the payroll.* "Refer to the chart of accounts for the evact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or oredit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Transcribed Image Text:Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate 2. At overtime rate S88,000 3. Total earnings Deductions: 4. Social security tax 37.500 5. Medicare tax 9,390 6. Federal income tax withheld 7. Medical insurance 130,000 21,910 8. Union dues 9. Total deductions 205,010 10. Net amount paid 420,390 Accounts debited: 11. Factory Wages 267,000 12. Sales Salaries 13. Office Salaries 100,000 Required: a. Detemine the amounts omitted in lines (1), (3), (3), and (12). b. On December 19, jourmalize the entry to record the payrol accrual c. On December 20, journalize the entry to record the payment of the payroll.* "Refer to the chart of accounts for the evact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or oredit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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