### 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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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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