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: 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.

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Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207
BuyFind

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207

Solutions

Chapter
Section
Chapter 10, Problem 10.5APR
Textbook Problem

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:

Chapter 10, Problem 10.5APR, Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in , example  1

The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:

Chapter 10, Problem 10.5APR, Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in , example  2Chapter 10, Problem 10.5APR, Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in , example  3

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.

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Chapter 10 Solutions

Financial & Managerial Accounting
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