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### Weekly Payroll Journal for Texera Tile Company #### Overview: The following item pertains to the weekly payroll for Texera Tile Company: 1. **Total Wages Earned by Employees:** $17,210. 2. **State Unemployment Insurance Contribution Rate:** 3.5%. 3. **Taxable Amount Under FICA, FUTA, and SUTA:** The entire sum of wages. 4. **Withheld Amounts from Employees’ Wages:** - **Federal Income Taxes:** $1,890. - **State Income Taxes:** $369.40. - **Group Insurance:** $193.00. #### Instructions: Journalize the payment of wages and record the payroll taxes for this payroll period. #### Journal Entry Format: This segment provides the template for inputting payroll-related entries into the journal. To maintain structure and clarity, follow the provided format. | **Date** | **Description** | **Post. Ref.** | **Debit** | **Credit** | |----------|-----------------|----------------|-----------|------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Take note of each payroll tax component and other deducted amounts accordingly when filling out this journal. #### Steps to Fill Out the Journal: 1. **Date**: Enter the relevant date for each transaction. 2. **Description**: Provide a brief description of the payroll-related entry. 3. **Post. Ref.**: Fill out the post reference if applicable. 4. **Debit and Credit Columns**: Enter the respective amounts under debit and credit. This journal format ensures accurate recording and

### Weekly Payroll Journal for Texera Tile Company #### Overview: The following item pertains to the weekly payroll for Texera Tile Company: 1. **Total Wages Earned by Employees:** $17,210. 2. **State Unemployment Insurance Contribution Rate:** 3.5%. 3. **Taxable Amount Under FICA, FUTA, and SUTA:** The entire sum of wages. 4. **Withheld Amounts from Employees’ Wages:** - **Federal Income Taxes:** $1,890. - **State Income Taxes:** $369.40. - **Group Insurance:** $193.00. #### Instructions: Journalize the payment of wages and record the payroll taxes for this payroll period. #### Journal Entry Format: This segment provides the template for inputting payroll-related entries into the journal. To maintain structure and clarity, follow the provided format. | **Date** | **Description** | **Post. Ref.** | **Debit** | **Credit** | |----------|-----------------|----------------|-----------|------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Take note of each payroll tax component and other deducted amounts accordingly when filling out this journal. #### Steps to Fill Out the Journal: 1. **Date**: Enter the relevant date for each transaction. 2. **Description**: Provide a brief description of the payroll-related entry. 3. **Post. Ref.**: Fill out the post reference if applicable. 4. **Debit and Credit Columns**: Enter the respective amounts under debit and credit. This journal format ensures accurate recording and

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Weekly Payroll Journal for Texera Tile Company #### Overview: The following item pertains to the weekly payroll for Texera Tile Company: 1. **Total Wages Earned by Employees:** $17,210. 2. **State Unemployment Insurance Contribution Rate:** 3.5%. 3. **Taxable Amount Under FICA, FUTA, and SUTA:** The entire sum of wages. 4. **Withheld Amounts from Employees’ Wages:** - **Federal Income Taxes:** $1,890. - **State Income Taxes:** $369.40. - **Group Insurance:** $193.00. #### Instructions: Journalize the payment of wages and record the payroll taxes for this payroll period. #### Journal Entry Format: This segment provides the template for inputting payroll-related entries into the journal. To maintain structure and clarity, follow the provided format. | **Date** | **Description** | **Post. Ref.** | **Debit** | **Credit** | |----------|-----------------|----------------|-----------|------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Take note of each payroll tax component and other deducted amounts accordingly when filling out this journal. #### Steps to Fill Out the Journal: 1. **Date**: Enter the relevant date for each transaction. 2. **Description**: Provide a brief description of the payroll-related entry. 3. **Post. Ref.**: Fill out the post reference if applicable. 4. **Debit and Credit Columns**: Enter the respective amounts under debit and credit. This journal format ensures accurate recording and
Transcribed Image Text:### Weekly Payroll Journal for Texera Tile Company #### Overview: The following item pertains to the weekly payroll for Texera Tile Company: 1. **Total Wages Earned by Employees:** $17,210. 2. **State Unemployment Insurance Contribution Rate:** 3.5%. 3. **Taxable Amount Under FICA, FUTA, and SUTA:** The entire sum of wages. 4. **Withheld Amounts from Employees’ Wages:** - **Federal Income Taxes:** $1,890. - **State Income Taxes:** $369.40. - **Group Insurance:** $193.00. #### Instructions: Journalize the payment of wages and record the payroll taxes for this payroll period. #### Journal Entry Format: This segment provides the template for inputting payroll-related entries into the journal. To maintain structure and clarity, follow the provided format. | **Date** | **Description** | **Post. Ref.** | **Debit** | **Credit** | |----------|-----------------|----------------|-----------|------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Take note of each payroll tax component and other deducted amounts accordingly when filling out this journal. #### Steps to Fill Out the Journal: 1. **Date**: Enter the relevant date for each transaction. 2. **Description**: Provide a brief description of the payroll-related entry. 3. **Post. Ref.**: Fill out the post reference if applicable. 4. **Debit and Credit Columns**: Enter the respective amounts under debit and credit. This journal format ensures accurate recording and
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