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Entries for Payroll and Payroll Taxes The following information about the peyroil for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Income tax Sales salaries $171,000 $61,952 withheid Warehouse uS. savings 94,000 7,744 salaries bonds Ofice salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, Medicare, 1.5% State unempioyment (empioyer only), 5.4% Federal unempioymant (employer only), 0.s% Required: f an amount box does nat require an entry, leave it blank. la. Assuming that the payrol for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payrol. Date Dec. Account Debit Credit Employees Income Tax Expense 30 Social Security Tax Payable

Entries for Payroll and Payroll Taxes The following information about the peyroil for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Income tax Sales salaries $171,000 $61,952 withheid Warehouse uS. savings 94,000 7,744 salaries bonds Ofice salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, Medicare, 1.5% State unempioyment (empioyer only), 5.4% Federal unempioymant (employer only), 0.s% Required: f an amount box does nat require an entry, leave it blank. la. Assuming that the payrol for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payrol. Date Dec. Account Debit Credit Employees Income Tax Expense 30 Social Security Tax Payable

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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Attached is the question and information for question 1a and 2a part 2b

2a. Assuming that the payroll for the last woek of the year is to be paid on January 4 af the follawing fiscal year, jaurnalize the entry an December 30, to record the payrol. Date Account Debit Credi Dec. 30 2b. Assuming that the payroll for the last week af the year is to be paid on Januery 4 of the following fiscal year, journalize the entry on January 4, to record the employer's payrol taxes an the payroll to be paid on January 4. Because it is a new fiscal year, all $352,000 in salaries is subject to unemplayment campersation taxes. Date Account Debit Credit
Transcribed Image Text:2a. Assuming that the payroll for the last woek of the year is to be paid on January 4 af the follawing fiscal year, jaurnalize the entry an December 30, to record the payrol. Date Account Debit Credi Dec. 30 2b. Assuming that the payroll for the last week af the year is to be paid on Januery 4 of the following fiscal year, journalize the entry on January 4, to record the employer's payrol taxes an the payroll to be paid on January 4. Because it is a new fiscal year, all $352,000 in salaries is subject to unemplayment campersation taxes. Date Account Debit Credit
Entries for Payroll and Rayroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Income tax Sales salaries $171,000 $61,952 withheld Warchouse U.S. savings 94,000 7,744 salaries bonds Office salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unempioyment (employer only), 5.4% Federal unemployment (employer only), 0.85% Required: If an amount box does nat require entr leave it blank. la. Assuming that the payroll for the last woek of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll. Date Account Debit Credit Dec. Employees Income Tax Expense 30 Social Security Tax Payable
Transcribed Image Text:Entries for Payroll and Rayroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Income tax Sales salaries $171,000 $61,952 withheld Warchouse U.S. savings 94,000 7,744 salaries bonds Office salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unempioyment (employer only), 5.4% Federal unemployment (employer only), 0.85% Required: If an amount box does nat require entr leave it blank. la. Assuming that the payroll for the last woek of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll. Date Account Debit Credit Dec. Employees Income Tax Expense 30 Social Security Tax Payable
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