Answered: Journal entry worksheet < 1 2 3 4 5 6 7…

Business

Accounting

Journal entry worksheet < 1 2 3 4 5 6 7 8 9 The company paid $800 cash for two weeks' salaries earned by employees. 10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: % of salary contributed on behalf of employees Annual Salary Expense Brian Dennis President $…

A: Salary Expenses: The employer would recognize as salary expenses the sum of annual salary and a…

Q: A manufacturer pald total factory payroll of $200,000 In cash. The journal entry for this…

A: Introduction:- Journal entry means:- It is used to record business transactions. All business…

Q: mployee earnings records for Oriole Company reveal the following gross earnings for four employees…

A: FICA:FICA= Federal insurance contribution actThe federal insurance contribution act is a known as…

Q: . Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…

A: Gross pay means the amount paid to employee before make any deduction and taxes. Net pay is the…

Q: NN Company operates on a 6-day week, with time and one-quarter for all hours over eight during the…

A: It is the amount to be withheld by an employer from an employee, if the employees' annual income…

Q: DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Oct. 23 Administrative Salaries 51 2,307.69…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: Floatin Away Company has three employees a consultant, a computer programmer, and an administrator.…

A: Gross Pay: The total amount of salary, wages, overtime, commission, bonus paid by the employer to…

Q: None

A: These journal entries systematically capture the transactions associated with the payroll for March,…

Q: Paid employees $500 on 12/23, of which $260 related to work done in November and $240 was for wages…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: D. JUuTIan2c tie Ch C. Journalize the entry to record the payment of the payroll. Obj. 2 EX 10-11…

A: Calculation of payroll tax Particulars Amount Social security tax (110000*6%) 6600 Medicare…

Q: The total weekly payroll for Bramble Auto Repairs Ltd. is $4,250 ($850 per day). The payroll is paid…

A: Journal entries are the records of the transactions entered into by the organization during the…

Q: The following date for Presco Inc. relate to the payroll for the week ended February 9: Employee…

A: A's overtime=Hours worked-Hours per week=52-40=12 hours

Q: Cullumber Company has the following data for the weekly payroll ending January 31. Hours Employee M…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an…

A: Gross pay is employees' earnings before making any deductions like taxes, benefits and other payroll…

Q: 1 Instruction General Journal 2 An employee receives an hourly rate of $15, with time and a half for…

A: Employee payroll expenses refers to the costs associated with compensating employees for their work.…

Q: 28. Sweetman's Recording Studio payroll records show the following information: Cumulative Earnings…

Q: Problem Al-4A Journal entries for payroll transactions LO2, 3, 4 A company has three employees, each…

A: Personal Account rule Debit the receiver, Credit the giver Real Account rule Debit what comes in,…

Q: Accrued Wages Aqua company employs a part-time staff of 40 employees, each earning $15 per hour and…

A: The Accrued wages expenses refer to wages and salaries that have been earned by employees but have…

Q: Journal entry worksheet 2 3 7 10 > 4 6 8 Record the company sales for the second half of the month…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10…

A: Payroll tax: A payroll tax is a tax withheld from an employee's salary by an employer who remits it…

Q: Nickels Company of Windsor has five salaried employees. Your task is to record the following…

A: PayrollIt is important for the business entity to proper maintenance of payroll expenses which is…

Q: JOURNAL Page 43 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Nov. 6…

A: In the context of the given question, we should answer the questions asked from the journal entries.…

Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: FICA (Federal Insurance Contributions Act) taxes are social security and Medicare taxes that both…

Q: Mar 15) issued check No. 417, payable to payroll, in payment of sales salaries expense for the first…

A: Journal: Recording of a business transactions in a chronological order.

Q: Employee Earnings Record Mary’s Luxury Travel uses a weekly federal income tax withholding table.…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: ) Journalize the payroll entry for the week. DATE Debit Credit X/X…

Q: Problem 12-6 Preparing a Payroll Register Hot Suds Car Wash has four employees. They are paid on a…

A: Payroll Register: A payroll register is a device that keeps track of each employee's wage payment…

Q: Trenton Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the…

A: Bonus means the amount paid to employee for some extra effort. Bonus can be paid on net profit…

Q: Employee Finley, P. Monthly Salary $2,380 Commission Rate 2.5% Monthly Sales $64,000 Commission…

A: In this question, we are required to determine the commission and gross pay.

Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Journal entry worksheet
1
2
Date
April 14
3
Note: Enter debits before credits.
Record entry
4
5
The company paid $800 cash for two weeks' salaries earned by employees.
General Journal
6
Clear entry
7 8
Debit
9
Prev
10
Credit
View general journal
Req 3 >
1 of 1
MacBook Air
Next
>

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A5
Please Solve In 15mins I will Thumbs-up promise
urgent
During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied below, complete the following forms for the fourth quarter. If an amount or input box does not require an entry, leave it blank or enter "0". Quarterly Payroll Data Total Earnings 5 Employees OASDI HI FIT SIT $18,750.00 $1,162.50 $271.88 $1,875.00 $1,312.50 Employer's OASDI $1,162.50 Employer's HI 271.88 Federal deposit liability each pay 677.68 a. Complete the Federal Deposit Information Worksheets reflecting electronic deposits (monthly depositor). Federal deposit liability each pay, $677.68. FEDERAL DEPOSIT INFORMATION WORKSHEET Employer Identification Number 00-0004701 Name QUALITY REPAIRS Month Tax Year Ends 12 Amount of Deposit fill in the blank 1 Type of Tax (Form) fill in the blank 2 Tax Period Address 10 SUMMIT SQUARE Phone Number…
Plz need it in less than 15 min
An employee earns $1580 a week, the deductions from the employee's pay cheque for El, CPP, and income taxes are equal to $195. The company must contribute an additional $111 for El and CPP. How much would the company record as total salary expense for the employee in this week? O $1580 • $1496 $1691 ⚫ $1886
Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
i need the answer quickly
PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL
TB 03-70 Company A receives $10,000 in advance this m... Company A receives $10,000 in advance this month for work to be performed next month. This month, the company should: Multiple Choice Debit Accounts Payable $10,000 and credit Cash $10,00. Debit Inventory $10,000 and credit Sales Revenue $10,000. Debit Cash $10,000 and credit Deferred Revenue $10,000. Debit Inventory $10,000 and credit Accounts Payable $10,000.