College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 7, Problem 8E
Assume that the employees in Exercise 7–7 are paid from the company’s regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionChapter 7 Solutions
College Accounting (Book Only): A Career Approach
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Determine the gross pay for each employee listed...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - For tax purposes, assume that the maximum taxable...Ch. 7 - On January 21, the column totals of the payroll...Ch. 7 - Prob. 7ECh. 7 - Assume that the employees in Exercise 77 are paid...Ch. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
Additional Business Textbook Solutions
Find more solutions based on key concepts
(a) Standard costs are the expected total cost of completing a job. Is this correct? Explain, (b) A standard im...
Managerial Accounting: Tools for Business Decision Making
Preparing Financial Statements from a Trial Balance The following accounts are taken from Equilibrium Riding, I...
Fundamentals Of Financial Accounting
What are assets limited as to use and how do they differ from restricted assets?
Accounting for Governmental & Nonprofit Entities
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
Interest-bearing notes payable with year-end adjustments P1 Keesha Co. borrows $200,000 cash on November 1, 201...
Financial Accounting: Information for Decisions
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The totals from the payroll register of Olt Company for the week of January 25 show: Journalize the entry to record the payroll of January 25.arrow_forwardPayroll 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: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 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 December13: 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 record follows: 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 December27: 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 3,400 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.arrow_forwardOn September 30, Cody Companys selected account balances are as follows: In general journal form, prepare the entries to record the following: Oct. 15Payment of liabilities for FICA taxes and the federal income tax. 31Payment of liability for state unemployment tax. 31Payment of liability for federal unemployment tax.arrow_forward
- In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firms fiscal year. The last quarter begins on April 1, 20--. Refer to the Illustrative Case on pages 6-27 to 6-33 and proceed as follows: a. Analyze and journalize the transactions described in the following narrative. Use the two-column journal paper provided on pages 6-73 to 6-77. Omit the writing of explanations in the journal entries. b. Post the journal entries to the general ledger accounts on pages 6-78 to 6-83. Narrative of Transactions: c. Answer the following questions: 1. The total amount of the liability for FICA taxes and federal income taxes withheld as of June 30 is................................................................................ ________ 2. The total amount of the liability for state income taxes withheld as of June 30 is................................................................................................................ ________ 3. The amount of FUTA taxes that must be paid to the federal government on or before August 1 (assume July 31 is a Sunday) is........................................ ________ 4. The amount of contributions that must be paid into the state unemployment compensation fund on or before August 1 is.................................................. ________ 5. The total amount due the treasurer of the union is........................................ ________ 6. The total amount of wages and salaries expense since the beginning of the fiscal year is ................................................................................................... ________ 7. The total amount of payroll taxes expense since the beginning of the fiscal year is ............................................................................................................ ________ 8. Using the partial journal below, journalize the entry to record the vacation accrual at the end of the companys fiscal year. The amount of Brookins Companys vacation accrual for the fiscal year is 15,000.arrow_forwardThe totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. REQUIRED 1. a. Prepare the journal entry for payment of this payroll on March 31, 20--. b. Prepare the journal entry for the employers payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement ( 1 ) were made: a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.arrow_forwardJOURNALIZING AND POSTING PAYROLL ENTRIES Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Cascade include the following: The following transactions relating to payrolls and payroll taxes occurred during June and July: REQUIRED 1. Journalize the preceding transactions using a general journal. 2. Open accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.arrow_forward
- Adams, Inc., pays its employees weekly wages in cash. A supplementary payroll sheet that lists the employees names and their earnings for a certain week is shown below. Complete the payroll sheet by calculating the total amount of payroll and indicating the least possible number of denominations that can be used in paying each employee. However, no employees are to be given bills in denominations greater than 20.arrow_forwardJOURNALIZING 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: The following transactions relating to payrolls and payroll taxes occurred during June and July: REQURED 1. Journalize the preceding transactions using a general journal. 2. Open accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.arrow_forwardRefer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.arrow_forward
- 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: The following transactions relating to payrolls and payroll taxes occurred during June and July: 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.arrow_forwardThere are three employees in the accounting department: payroll clerk, accounts payable clerk, and accounts receivable clerk. Which one of these employees should not make the daily deposit? A. payroll clerk B. account payable clerk C. accounts receivable clerk D. none of themarrow_forwardRecording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions Illustrate the effect un (he accounts and financial statements of recording the liability for the October 4 employer payroll taxes.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage LearningCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License