ing is a list elect Company Accounts and Additional Information: Account Name unadjusted account balances at year-end, as well as additional information regarding year-end amounts. upplies nterest receivable Salaries payable Deferred revenue Account Name $14,700 Service revenue 0 Interest revenue O Supplies expense 9,500 Salaries expense Account Balance 1. Supplies remaining at the end of the year. 2. Services remaining to be provided to customers who paid in advance. 3. Employees are owed additional salaries at the end of the year. 4. A note receivable was accepted on March 31. Interest rate on note. Required: 1. Use the information provided to prepare year-end adjustments. Account Balance $132,600 0 0 48,100, 6,200 2.700 4,500 9,000 8%

ing is a list elect Company Accounts and Additional Information: Account Name unadjusted account balances at year-end, as well as additional information regarding year-end amounts. upplies nterest receivable Salaries payable Deferred revenue Account Name $14,700 Service revenue 0 Interest revenue O Supplies expense 9,500 Salaries expense Account Balance 1. Supplies remaining at the end of the year. 2. Services remaining to be provided to customers who paid in advance. 3. Employees are owed additional salaries at the end of the year. 4. A note receivable was accepted on March 31. Interest rate on note. Required: 1. Use the information provided to prepare year-end adjustments. Account Balance $132,600 0 0 48,100, 6,200 2.700 4,500 9,000 8%

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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Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.
Do not give image format Record the transactions for July 10 and 31.
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