Garden Landscapers is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary deductions are displayed below. Record one journal entry to account for the payment of federal unemployment taxes and one journal entry to account for the payment of the voluntary deductions. Assume that each voluntary deduction is remitted to the respective organization on a quarterly basis, on the last day of the first month after the end of the quarter. All tax payments are made in a timely manner on the payment due date (which, for this quarter, is not impacted by a weekend or holiday). Chart of Accounts Notes: . Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. . See the Chart of Accounts provided for the proper account names to use. • To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. • Do not include journal entry explanation when submitting your answer. 4th Quarter Totals Federal Unemployment Tax $35 Charitable Contribution Retirement Plan Cafeteria Plan Health Insurance $100 $175 $525 $295
Garden Landscapers is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary deductions are displayed below. Record one journal entry to account for the payment of federal unemployment taxes and one journal entry to account for the payment of the voluntary deductions. Assume that each voluntary deduction is remitted to the respective organization on a quarterly basis, on the last day of the first month after the end of the quarter. All tax payments are made in a timely manner on the payment due date (which, for this quarter, is not impacted by a weekend or holiday). Chart of Accounts Notes: . Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. . See the Chart of Accounts provided for the proper account names to use. • To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. • Do not include journal entry explanation when submitting your answer. 4th Quarter Totals Federal Unemployment Tax $35 Charitable Contribution Retirement Plan Cafeteria Plan Health Insurance $100 $175 $525 $295
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:**Instructions Overview:**
Garden Landscapers is responsible for monthly deposits regarding 4th quarter FUTA taxes and other voluntary deductions. The task is to record one journal entry for the payment of federal unemployment taxes and a separate entry for voluntary deductions. These should be made on the first day of the month following the end of the quarter.
**Chart of Accounts**
**Notes:**
- Enter the transaction date on the first line. For multiple transactions, start with the earliest date.
- Input all debits before credits.
- Use the correct account names from the Chart of Accounts to earn full credit.
- Avoid including journal entry explanations.
**4th Quarter Totals:**
- Federal Unemployment Tax: $35
- Charitable Contribution: $100
- Retirement Plan: $175
- Cafeteria Plan: $525
- Health Insurance: $295
**Journal Entry Template:**
| Date | Account Name | Debit | Credit |
|-------|--------------|-------|--------|
| MM/DD | | $ | $ |
| MM/DD | | $ | $ |
Use this format to carefully record each transaction according to the provided guidelines and ensure accuracy in financial reporting.
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