Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information:
Journalizing Payroll Transactions
1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent.
2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.
On December 31, the payroll register of Hamstreet Associates indicated the following information:
| Wages and Salaries Expense | $7,900 |
| Employee Federal Income Tax Payable | 900 |
| United Way Contributions Payable | 190 |
| Earnings subject to Social Security tax | 7,200 |
1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent.
| Social Security Tax | $fill in the blank 6752ad03b03cf89_1 |
| Medicare Tax | $fill in the blank 6752ad03b03cf89_2 |
2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.
| DATE | ACCOUNT TITLE | DOC. NO. |
POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|---|
| 1 | Dec. 31 | fill in the blank 0300ae067fd6029_2 | fill in the blank 0300ae067fd6029_3 | 1 | |||
| 2 | fill in the blank 0300ae067fd6029_5 | fill in the blank 0300ae067fd6029_6 | 2 | ||||
| 3 | fill in the blank 0300ae067fd6029_8 | fill in the blank 0300ae067fd6029_9 | 3 | ||||
| 4 | fill in the blank 0300ae067fd6029_11 | fill in the blank 0300ae067fd6029_12 | 4 | ||||
| 5 | fill in the blank 0300ae067fd6029_14 | fill in the blank 0300ae067fd6029_15 | 5 | ||||
| 6 | fill in the blank 0300ae067fd6029_17 | fill in the blank 0300ae067fd6029_18 | 6 | ||||
| 7 | Payroll for week ended December 31 | 7 |
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