24 15 26 8 9 D 1 Employee Name Jared G Trevor L Baker M Total Employee Name Jared G Trevor L Baker M Total Description Total Gross Pay Payroll Tax Expense Total Beginning Cumulative Earnings Pay Rate $52,000 $30 $34 $23,000 $3,060 $26 $78,060 Amount Earnings 17,376.00 2,371.82 19,747.82 Hours Worked 175.00 196.00 190.00 561.00 Beginning Current Ending Cumulative Earnings Period Cumulative $52,000 5,250.00 57,250.00 $23,000 7,004.00 30,004.00 $3,060 5,122.00 $78,060 17,376.00 8,182.00 95,436.00 Earnings Regular Pay 5,250.00 5,984.00 4,576.00 15,810.00 Payroll Tax Register OASDI 6.20% 325.50 434.25 317.56 1,077.31 23,405.47 Overtime Pay 50 1,020.00 546.00 $1,566 Medicare Employer Payroll Taxes FUTA 1.45% 76.13 101.56 74.27 251.95 Payroll Register Current Ending Period Cumulative Earnings Earnings 5,250.00 57,250.00 7,004.00 30,004.00 5,122.00 8,182.00 17,376.00 95,436.00 0.60% 31.50 42.02 30.73 104.26 SUTA OASDI + 6.20% $326 $434 $318 $1,077 5.40% Total Taxes 283.50 716.63 378.22 956.05 276.59 699.15 938.30 2,371.82 Medicare Withholdings Federal Income Tax 1.45% 18% 76.13 945.00 101.56 1,260.72 74.27 921.96 251.95 3,127.68 State Income Tax 7% Other 367.50 $0 490.28 $0 358.54 $0 1,216.32 $0 Total Withholdings $1,714 $2,287 $1,672 $5,673 Net Pay 3,535.88 4,717.19 3,449.67 11,702.74 Wages Check No Expense 2203 5,250.00 2204 7,004.00 2205 5,122.00 17,376.00
For the corporation I need to record the payroll entries to accrue the payroll at the end of August for each of the following;
Wage expense related to the three employees on August 31.
Employer payroll taxes related to the three employees on August 31.
Journalize the Corporations Transactions and adjusted enteries at the same time for August 2024
August 1/ Paid $836 cash for office supplies.
August 2/ Purchased merchandise on account for $675
August 4/ Collected $5,655 cash from customers on account.
August 7/ Received a $560 invoice for radio advertising on account.
August 8/ Established a petty cash tund for $ /30.
August 11/ Received $6,940 cash for performing coaching services.
August 15/ Paid previous month's salaries
August 17/ Collected $3,900 in advance for coaching services to be performed later.
August 20/ Completed a large coaching job and billed the customer for $6,865
August 22/ Received the electric bill and cell phone bill for the business totaling $965. (Credit Accounts Payable)
August 25/ Collected $2,950 cash from customers on account.
August 27/ Sold merchandise to customers for $4,260 on account. The merchandise cost $2,010
August 30/ Paid $3,360 on account.
August 31/ Cash dividends of $2,700 were paid to stockholders.
Depreciation method on the truck was changed to theunits of production method in August. Depreciation was recorded assuming a useful life of five years, salvage value of $3,000 and estimated miles of 100,000. The truck was used 2,400 miles in August.- Prepaid Insurance for the month has expired
- Office Supplies on hand, $795
- Unearned Revenue earned during the month, $1,900.
- Another month of rent has expired
- The company records
bad debt using the percent of receivables method estimating that 2% of receivables will not be collected. Bad debt is calculated after all other entries are recorded - Another month of depreciation was recorded on the building
- Another month of depreciation was recorded on the equipment
- Accrue payroll expense for August
- Accrue payroll tax expense for August
Back ground Info: Accounts available(only use these accounts for the corporation) :
Cash
Petty Cash
Allowance for Bad Debt
Merchandise Inventory
Estimated Returns Inventory
Office Supplies
Prepaid Insurance
Prepaid Rent
Land
Building
Equipment
Accumulated Depreciation-Equipment
Truck
Accumulated Depreciation-Truck
Accounts Payable
Salaries Payable
Employee Federal Income Taxes Payable
Employee State Income Taxes Payable Federal
FICA—Medicare Taxes Payable
FICA—OASDI Taxes Payable
State Unemployment Taxes Payable
Interest Payable
Refunds Payable
Unearned Revenue
Notes Payable
Common Stock
Dividends
Service Revenue
Sales Revenue
Sales Discounts Forfeited
Cost of Goods Sold
Salaries Expense
Payroll Tax Expense
Rent Expense
Utilities Expense
Depreciation Expense - Building
Depreciation Expense - Equipment
Depreciation Expense - Truck
Advertising Expense
Interest Expense
Delivery Expense
Supplies Expense
Insurance Expense
Bad Debt Expense
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