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 $7,700 Employee Federal Income Tax Payable 800 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200

Q: how to in sage 300, a/r customers add the ffollowing customer December, 2022 historical invoices.…

A: Step 1:Here are the steps to enter verifiable solicitations in Sage 300 Records Receivable (A/R) for…

Q: Prapare the journal entry for the following: December 17: Byte was informed that Mr. Madoff who has…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: Journalize the following transactions, using the allowance method of accounting for uncollectible…

A: It is the duty of the accountant to record business economic and non economic transactions in the…

Q: Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it wrote…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: c. and d. Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general…

A: Ledgers - After recording transactions in the journal the next step is to transfer them into…

Q: Dec. 12

A: Uncollectible receivables refers to funds owed to a company that is unlikely or impossible to…

Q: Journalize the following transactions using the allowance method of accounting for uncollectible…

A: Accounts receivable shows the amount that is to be receivable from the debtors when the goods are…

Q: Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, it…

A: When sales are made on account, then the amount due from customers is reported as current asset on…

Q: Prepare the following journal entry; all transactions listed occurred in January: The Company…

A: Journal entries means the book of prime entry incuding debit and credit item. Necessary journal…

Q: Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December…

A: The uncollectible accounts are the accounts receivables balance which are estimated to be…

Q: Introduction to Accounting Payroll Journal Entries Assignment (20 Points) Name 1. Below is the…

A:

Q: ABC Co.'s July bank statement shows a $5,450 cheque received from customer Ms. Mary Opal for…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15,…

A: Term 6/6, 3/15 means that the buyer is allowed 6% discount if the payment is made within 6 days and…

Q: Journalize the following transactions,

A: Transaction is: March 17-received $275 from Shawn McNeeley and wrote off the remainder owed of…

Q: Journalize the following transactions using the allowance method of accounting for uncollectible…

A: Solution: Under the allowance method of accounting, bad debts expense is recorded based on estimated…

Q: Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: 20. Record the entry for write-off $ By the end of the year (December 31st); total accounts written…

A: Solution:- Given, MB inc., allowances for uncollectible accounts has a beginning balance of $6,500.…

Q: From the following information, prepare a general journal entry to record the employee benefits…

A: Payroll refers to the compensation that is paid by the employer to the employees for the services…

Q: Following are transactions for Ridge Company. March 21 Accepted a $14,600, 180-day, 9% note from…

A: To calculate the interest amounts at September 17 for Ridge Company's transaction with Tamara…

Q: Crane Inc's bank statement from Western Bank at August 31, 2025, shows the following information.…

A: A Bank Reconciliation Statement is prepared to know the causes of the difference between the…

Q: Attempt in Progress According to the accountant of Wildhorse Inc., its payroll taxes for the week…

A: The charges incurred by an employer for taxes on employee earnings and salaries are known as payroll…

Q: Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December…

A: Here in this question we are required to make journal entry under allowance method. In this method,…

Q: Does a customer earn a cash discount with terms 5/15, net 60 on an invoice dated April 27 that is…

A: The terms "5/15, net 60" are known as credit terms or payment terms. These terms specify the…

Q: Wildhorse Company has the following data for the weekly payroll ending January 31. Employee M T L.…

A: The journal entry is very important because it is used to record the transaction of an entity in its…

Q: Question 1. Accounts Recievable has a debit balance of $3,400, and the allowance for uncollectiable…

A: The allowance for uncollectiable accounts is created to record estimated bad debt expense for the…

Q: Whispering SE's weekly payroll, paid on Fridays, totals € 6,600. Employees work a 5-day week.…

A: From Monday to Wednesday = 3 days Salaries expense has been accrued for 3 days till December 31.

Q: Journalize the following transactions, using the allowance method of accounting for uncollectible…

A: Accounts receivables represents the money that the business is yet to receive from its customers.

Q: A man received an invoice dated March​ 9, with term 3​/10, ​n/30 amounting to ​$510. He paid the…

A: Formula to calculate cash discount:Cash discount = cash amount * Discount rate

Q: Journalize the entry for the reinstatement of the account receivable and receipt of cash on August…

A: Company have the two methods through which the uncollectible of accounts receivables can be recorded…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: An invoice for furniture for $1, 210.88 with terms of 2/10, n/60 is dated October 3. A. What is…

A: The question is based on the concept of Financial Accounting.

Q: Journalize the February payroll and the payment of the payroll. (Credit account titles are…

A: A journal entry is used in an organization's financial records to document commercial transactions.…

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: Mar. 17 Received $810 from Shawn McNeely and wrote off the remainder owed of $4,820 as…

A: Direct Write-off Method                        The Direct Write-off method is a method of booking…

Q: The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of…

A: The objective of the question is to record the payroll for the period in the company's journal. This…

Q: Oriole Company has the following data for the weekly payroll ending January 31. Employee L. Helton…

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

Q: Journalize and post to the allowance account the following events and transactions in the year 2021.…

A: ACCOUNT RECEIVABLE & UNCOLLECTIBLEAccounts Receivable is the amount of goods sold that is…

Q: Using the allowance method of accounting for uncollectible receivables. Transactions: April 1…

A: Journal Entries -  Journal Entries are the primary method of recording transaction into debit and…

Q: Swifty Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions…

A: A journal is a company's official book in which all business transactions are recorded in…

Q: i Required Information [The following Information applies to the questions displayed below.]…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, It…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: [The following information applies to the questions displayed below.] Following are transactions of…

A: Notes indicate a written consent of the customer which contains the detailed statement of the…

Q: Employee Gross Pay Karine 3,700 Kelsey 2,100 Dani 3,400 Brooke 2,600 11,800 Total Claim Code 5 4 1…

A: The primary reporting of the business transactions in the books of accounts on daily basis is…

Q: Provide the general journal entries of the followingtransactions of The Pet Whiskers Company.…

A: Journal entry: It is the first step to record the transactions incurred during the operations. It…

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.