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Barbara Strand's regular hourly wage rate is $34, and she receives an hourly rate of $51 for work in excess of 40 hours. During a January pay period, Barbara works 49 hours. Barbara's federal income tax withholding is $94.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Barbara's pay for the period and (b) the payment of Barbara's wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation (a) (b) Jan. 15 Jan. 15 Debit Credit

Barbara Strand's regular hourly wage rate is $34, and she receives an hourly rate of $51 for work in excess of 40 hours. During a January pay period, Barbara works 49 hours. Barbara's federal income tax withholding is $94.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Barbara's pay for the period and (b) the payment of Barbara's wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation (a) (b) Jan. 15 Jan. 15 Debit Credit

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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Barbara Strand's regular hourly wage rate is $34, and she receives an hourly rate of $51 for work in excess of 40 hours. During a January pay period, Barbara works 49 hours. Barbara's federal income tax withholding is $94.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Barbara's pay for the period and (b) the payment of Barbara's wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation (a) (b) Jan. 15 Jan. 15 1 Debit Credit
Transcribed Image Text:Barbara Strand's regular hourly wage rate is $34, and she receives an hourly rate of $51 for work in excess of 40 hours. During a January pay period, Barbara works 49 hours. Barbara's federal income tax withholding is $94.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Barbara's pay for the period and (b) the payment of Barbara's wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation (a) (b) Jan. 15 Jan. 15 1 Debit Credit
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