3. The general ledger accounts of the SM Company contained these credit balances for the period October 1 throught November 31. Employee Income Tax Payable SSS Premium Payable Philhealth Premium Payable Pag-ibig premium Payable P 34,000 11,760 1,160 2,432 for Jesu College- Basic Education Department LEARNING MODULE IN COST ACCOUNTING For the December 1-15 payroll, which totaled P112,000, employees' deductions amounted only to P 4,920 for SSS; 2% for Philhealth and 2% for Pagibig. For the same period income tax withheld totaled P 9,488. The company apportions employer SSS taxes as follows; 60% to Factory Overhead, 20% to Marketing Expense, and 20% to General and Administrative Expenses. The company closed for the year on December 15. Employer taxes are 5% for SSS; 2% for Philhealth; 2% for Pag-ibig and 1% for ECC. Required: 1. The journal entry to record the payroll for the period December 1-15. 2. The journal entry to record the payment of the payroll of December 1-15. 3. The journal entry to record the employer's payroll taxes for the period December 1-15. 4. The entry to record the payment of all taxes due to governmental agencies for the period October 1 through December 31.
3. The general ledger accounts of the SM Company contained these credit balances for the period October 1 throught November 31. Employee Income Tax Payable SSS Premium Payable Philhealth Premium Payable Pag-ibig premium Payable P 34,000 11,760 1,160 2,432 for Jesu College- Basic Education Department LEARNING MODULE IN COST ACCOUNTING For the December 1-15 payroll, which totaled P112,000, employees' deductions amounted only to P 4,920 for SSS; 2% for Philhealth and 2% for Pagibig. For the same period income tax withheld totaled P 9,488. The company apportions employer SSS taxes as follows; 60% to Factory Overhead, 20% to Marketing Expense, and 20% to General and Administrative Expenses. The company closed for the year on December 15. Employer taxes are 5% for SSS; 2% for Philhealth; 2% for Pag-ibig and 1% for ECC. Required: 1. The journal entry to record the payroll for the period December 1-15. 2. The journal entry to record the payment of the payroll of December 1-15. 3. The journal entry to record the employer's payroll taxes for the period December 1-15. 4. The entry to record the payment of all taxes due to governmental agencies for the period October 1 through December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need answers ASAP. Tnx
Transcribed Image Text:3. The general ledger accounts of the SM Company contained these credit balances for the
period October 1 throught November 31.
Employee Income Tax Payable
SSS Premium Payable
Philhealth Premium Payable
Pag-ibig premium Payable
P 34,000
11,760
1,160
2,432
For Jesu College- Basic Education Department LEARNING MODULE IN COST ACCOUNTING
For the December 1-15 payroll, which totaled P112,000, employees' deductions
amounted only to P 4,920 for SSS; 2% for Philhealth and 2% for Pagibig. For the
same period income tax withheld totaled P 9,488.
The company apportions employer ssS taxes as follows; 60% to Factory
Overhead, 20% to Marketing Expense, and 20% to General and Administrative
Expenses. The company closed for the year on December 15.
Employer taxes are 5% for SSS; 2% for Philhealth; 2% for Pag-ibig and 1% for
ЕСС.
Required:
1. The journal entry to record the payroll for the period December 1-15.
2. The journal entry to record the payment of the payroll of December 1-15.
3. The journal entry to record the employer's payroll taxes for the period
December 1-15.
4. The entry to record the payment of all taxes due to governmental agencies
for the period October 1 through December 31.
5
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