Nov. 30: Journalized the monthly payroll for November, based on the following data. Description entries available are:  Cash, Medicare Tax Payable, No Entry Required, Sales Salaries Expenses, Sales Salaries Payable. Salaries   Deductions Sales salaries $135,000   Federal income tax withheld $39,266 Office salaries 77,250   Social security tax withheld 12,735   $212,250

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Nov. 30: Journalized the monthly payroll for November, based on the following data.

Description entries available are:  Cash, Medicare Tax Payable, No Entry Required, Sales Salaries Expenses, Sales Salaries Payable.

Salaries   Deductions
Sales salaries $135,000   Federal income tax withheld $39,266
Office salaries 77,250   Social security tax withheld 12,735
  $212,250   Medicare tax withheld 3,184
Unemployment tax rates:  
State unemployment 5.4%
Federal unemployment 0.6%
Amount subject to unemployment taxes:  
State unemployment $5,000
Federal unemployment 5,000

 

Nov. 30: Journalized the employer's payroll taxes on the payroll.

Description Debit Credit
 
   
 
   
 
   
 
   
 
   
 
   

 

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Dec. 14: Journalized the payment of the September 15 note at maturity.

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Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee.

Description Debit Credit
 
   
 
   
 
   
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