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:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
 
Payroll Withholdings
 
 

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
 
General Journal
 
 

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.

Page:  
  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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