Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings:   1. At regular rate ? 2. At overtime rate $64,000 3. Total earnings ? Deductions:   4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited:   11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000   Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted:
Earnings:  
1. At regular rate ?
2. At overtime rate $64,000
3. Total earnings ?
Deductions:  
4. Social security tax 30,240
5. Medicare tax 7,560
6. Federal income tax withheld 128,000
7. Medical insurance 17,640
8. Union dues ?
9. Total deductions 190,190
10. Net amount paid 313,810
Accounts debited:  
11. Factory Wages 264,000
12. Sales Salaries ?
13. Office Salaries 110,000
 
Required:
a. Determine the amounts omitted in lines (1), (3), (8), and (12).
b. On December 19, journalize the entry to record the payroll accrual.*
c. On December 20, journalize the entry to record the payment of the payroll.*
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Chapter 11 Homework
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Earnings:
1. At regular rate
2. At overtime rate
3. Total earnings
Cengage Learnin X ACCT Chapter 11 X
Deductions:
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been
intentionally omitted:
4. Social security tax
5. Medicare tax
6. Federal income tax withheld
7. Medical insurance
8. Union dues
9. Total deductions
10. Net amount paid
Accounts debited:
11. Factory Wages
12. Sales Salaries
13. Office Salaries
Required.
1₁
?
$64,000
?
30,240
7,560
128,000
17,640
?
190,190
313,810
264,000
?
110,000
Mind Tap - Cenga x b Home | bartleby x +
Locator=&inprogress=false
M
Asse
Cur Car
Apr 9
* :
LO X
11:49
Transcribed Image Text:Students Home ← → MY LAB IT 1. EX.11.02 CengageNOWv2 X ✰ v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Chapter 11 Homework X International Colleg... 2. EX.11.05.BLANKSHEET.AL... 3. EX.11.08.ALGO 4. EX.11.10.ALGO Chapter 11 Adap X 8. EX.11.16 5. EX.11.11.BLANKSHEET.ALGO 6. EX.11.12.BLANKSHEET.AL... 10. EX.11.19 7. EX.11.13.BLANKSHEET.AL... 9. EX.11.17.BLANKSHEET.AL... 11. EX.11.20.ALGO 12. EX.11.23.EXCEL.ALGO 13. PR.11.01.BLANKSHEET.A... New folder < eBook Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings Cengage Learnin X ACCT Chapter 11 X Deductions: Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: 4. Social security tax 5. Medicare tax 6. Federal income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid Accounts debited: 11. Factory Wages 12. Sales Salaries 13. Office Salaries Required. 1₁ ? $64,000 ? 30,240 7,560 128,000 17,640 ? 190,190 313,810 264,000 ? 110,000 Mind Tap - Cenga x b Home | bartleby x + Locator=&inprogress=false M Asse Cur Car Apr 9 * : LO X 11:49
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