Question 27 of 35 What is the suggested method for voiding and re-issuing a paycheck? AO Make a journal entry to reverse the original paycheck. Then, issue a new paycheck using the current date. BO Void the original paycheck using the QuickBooks "void" feature. Then, issue a new paycheck using the current date. CO Reverse the original check using the QuickBooks "reversal" feature. Then, issue a new paycheck using the current date. DO Void a new check with the same check number. Then, change the number of the original check to the new check number or print the check.

Question 27 of 35 What is the suggested method for voiding and re-issuing a paycheck? AO Make a journal entry to reverse the original paycheck. Then, issue a new paycheck using the current date. BO Void the original paycheck using the QuickBooks "void" feature. Then, issue a new paycheck using the current date. CO Reverse the original check using the QuickBooks "reversal" feature. Then, issue a new paycheck using the current date. DO Void a new check with the same check number. Then, change the number of the original check to the new check number or print the check.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter7: Payroll

Section: Chapter Questions

Problem 1M

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Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Codigo Co. on December 1 of the current year: 101 Salaries Payable 102 Social Security Tax Payable 52,913 103 Medicare Tax Payable 728 104 Employees Federa1 Income Tax Payable 4,490 1 OS Employees State Income Tax Payable 4,073 T C-5 State Unemployment Tax Payable 1,260 107 Federal Unemployment Tax Payable 360 108 Retirement Savings Deductions Payable 2,300 109 Medical Insurance Payable 2,520 201 Sales Salaries Expense 700,000 301 Officers Salaries Expense 340,00O 401 Office Salaries Expense 125,000 408 Payroll Tax Expense 59,491 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 1. Issued Check No. 815 to Aberderas Insurance Company for 2,520, in payment of the semiannual premium on the group medical insurance policy. 1, Issued Check No. 816 to Alvarez. Bank for 8,131, in payment for 2,913 of social security tax, 728 of Medicare tax, and 4,490 of employees federal income tax due. 2. Issued Check No. 817 for 2,300 to Alvarez Bank to invest in a retirement savings account for employees. 12 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 12. Issued Check No. 822 in payment of the net amount of the biweekly payroll to fund tile payroll bank account. 12. Journalized the entry to record payroll taxes on employees' earnings of December 12: social security tax, SI,452; Medicare tax, 363: state unemployment tax, 315: federal unemployment tax. 90. 15. Issued Check No. 830 to Alvarez Bank for 7,938, in payment of 2,904 of social security tax, 726 of Medicare tax, and 4,308 of employees' federal income tax due. 26. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 26. Journalized the entry to record payroll taxes on employees' earnings of December 26: social security tax, SI,455; Medicare tax, 364; state unemployment tax, SI50; federal unemployment tax, S40. 30. Issued Check No. 851 for 6,258 to State Department of Revenue, in payment of employees' state income tax due on December 31. 30. Issued Check No. 852 to Alvarez Bank for 2,300 to invest in a retirement savings account for employees. 31 Paid 55,400 to the employee pension plan. The annual pension cost is 65,500. (Record both the payment and the unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: sales salaries, 4,275; officers salaries, 2,175; office salaries, 825. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 13,350.
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211 Salaries Payable 212 Social Security Tax Payable 9,273 213 Medicare Tax Payable 2,318 214 Employees Federal Income Tax Payable 15,455 215 Employees State Income Tax Payable 13,909 216 State Unemployment Tax Payable 1,400 217 Federal Unemployment Tax Payable SOO 218 Retirement Savings Deductions Payable 3,400 219 Medical Insurance Payable 27r000 411 Operations Salaries Expense 950.000 S11 Officers Salaries Expense 600,000 SI 2 Office Salaries Expense 150.000 S19 Payroll Tax Expense 137,951 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 2. Issued Check No. 410 for 53,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 527,046, in payment of 59,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees' earnings of December 13: social security tax. 4,632; Medicare tax, 1,158; state unemployment tax. 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020. in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees' federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees' earnings of December 27: social security tax, 4,668; Medicare tax. 1,167: state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees' state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600: office salaries, 1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Use Figure 12.15 to complete the following problem. Roland Inc. employees monthly gross pay information and their W-4 Form withholding allowances follow. Rolands payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax (based on withholdings table) of gross pay, state income tax at 3% of gross pay, and health insurance coverage premiums of $1,000 split 50% employees and 50% employer. Assume each employee files as single, gross income is the same amount each month, October is the first month of business operation for the company, and salaries have yet to be paid. Record the entry or entries for accumulated employee and employer payroll for the month of October; dated October 31.
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: A. Salaries accrued: sales salaries, 4,275; officers salaries, 2,175; office salaries, 825. The payroll taxes are immaterial and are not accrued. B. Vacation pay, 13,350.
Required information Exercise 7-7 (Algo) Other accrued liabilities—payroll taxes LO 4 Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part c c. Assume that when the payroll taxes were paid in April 2019, the payroll tax expense account was charged. Assume that at March 31, 2020, the accountant again neglected to accrue the payroll tax liability, which was $6,587 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at March 31, 2020.Effect on net income for year ended March 31, 2020:
Problem 11.3A (Static) Cortez Consulting Company; recording payment of taxes and preparing employer’s quarterly federal tax return. LO 11-4, 11-6 Required: On July 15, the firm issued a check to deposit the federal income tax withheld and the FICA tax (both employee and employer shares for the third month [June]). Complete Form 941 in accordance with the discussions in this chapter. Use a 12.4 percent social security rate and a 2.9 percent Medicare rate in computations. Use the following address for the company: 2300 East Ocean Blvd., Long Beach, CA 90802. Use 75-4444444 as the employer identification number. Date the return July 31, 20X1. The company phone number is 562-709-3654. Analyze: What is the balance of the Employee Income Tax Payable account at July 15?
Brief Exercise 8-03 a-b At the end of 2021, Larkspur Co. has accounts receivable of $675,100 and an allowance for doubtful accounts of $24,370. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,127.(a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $Enter a dollar amount $Enter a dollar amount
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
PSa 5-6 Record Employer Payroll Tax Journal Entry Based on the following figures for the most recent pay period, record the necessary journal entry to account for employer payroll taxes as of 01/20/2020. Chart of Accounts (attached) Notes: Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. Omit journal entry explanations. See the Chart of Accounts provided for the proper account names to use. To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. Do not include journal entry explanation when submitting your answer. Account Name Amount Medicare Tax Payable $31.90 State Unemployment Tax Payable $74.80 Social Security Tax…
QUESTION 9 As at 30 March 2020 , the accounts receivable balance is $10,000. The allowance for doubtful account balance is $200(credit balance). The management determined to write off an accounts receivable of $400 and accounting entries (following IFRS) were recorded on 30 March 2020. At 31 March 2020. The management estimated that 8% of the outstanding accounts receivable balance is uncollectible. The adjusting entries for bad debt expense to be prepared on 31 March 2020 is $____________. (Assumption: the company prepares the financial statements on an annual basis)
Q3B (a) Prepare the journal entries for the above transactions in the book of Bahtera KlasikBhd for the month of January 2021.(b) Discuss how bad debts are accounted for under the direct write-off method. (c) Explain ONE (1) advantage of the allowance method over the direct write-offmethod to account for bad debts.