Answered: Required: If an amount box does not…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter10: Payroll Register (pr)

Section: Chapter Questions

Problem 6R: In the space provided below, prepare the journal entry to record the November payroll for all...

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Question

The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.:

Salaries:			Deductions:
	Sales salaries	$199,000		Income tax withheld	$71,984
	Warehouse salaries	109,000		U.S. savings bonds	8,998
	Office salaries	101,000		Group insurance	7,362
	$409,000

Tax rates assumed:
	Social security, 6%
	Medicare, 1.5%
	State unemployment (employer only), 5.4%
	Federal unemployment (employer only), 0.8%

Required:

If an amount box does not require an entry, leave it blank.

1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll.

first picture, for all green boxes the headers are the same: Date, account, debit ,credit

2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the payroll.

2nd picture

Dec. 30
2b. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on
January 4, to record the employer's payroll taxes on the payroll to be paid on January 4. Because it is a new fiscal year, all $409,000 in salaries
is subject to unemployment compensation taxes.
Date
Account
Debit
Credit
Jan. 4

Dec. 30
1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the
employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $20,000 is subject to
unemployment compensation taxes.
Date
Account
Debit
Credit
Dec. 30

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