On Sept 26, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the salaries of $25,050 to be paid on Friday for a five-daywork week. The months ends on Wednesday, Sept 30. What is the entry to record this accrued expense? On Sept 30, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the unbilled services rendered by the company's employees last Sept 21, amounting to $12,000. What is the entry to record this accrued revenue?

On Sept 26, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the salaries of $25,050 to be paid on Friday for a five-daywork week. The months ends on Wednesday, Sept 30. What is the entry to record this accrued expense? On Sept 30, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the unbilled services rendered by the company's employees last Sept 21, amounting to $12,000. What is the entry to record this accrued revenue?

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 6SSQ

See similar textbooks

Similar questions

The monthly and hourly wage schedule for the employees of Quincy, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year: a. The total wages of each part-time employee for December 2019. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employees wages for December. d. Totals of columns. e. The employers FICA taxes for the month.
Below are four independent cases (a to d) affecting Wong Auto Repair Inc. (WARI) in 2019. a. Each Friday, WARI pays employees for the current week's work. The amount of the payroll is $6,000 for a five-day week. The current accounting period ends on Monday. b. WARI has received notes receivable from some clients for services. During the current year, WARI has earned accrued interest revenue of $3,250, which will be received next year. c. The beginning balance of supplies was $15,500. During the year, then entity purchased supplies costing $55,400, and at December 31 the inventory of supplies on hand is $12,650. d. WARI is conducting test of new hinges to be used in the rebuilding of a dump truck, and the client paid WARI $15,000 at the start of the project. WARI recorded this amount as Unearned Service Revenue. The tests will take several months to complete. WARI executives estimate that the company has earned two-thirds of the total fee during the current year. Required Journalize the…
Below are four independent cases (a to d) affecting Wong Auto Repair Inc. (WARI) in 2019.a. Each Friday, WARI pays employees for the current week’s work. The amount of the payroll is$6,000 for a five-day week. The current accounting period ends on Monday.b. WARI has received notes receivable from some clients for services. During the current year, WARIhas earned accrued interest revenue of $3,250, which will be received next year.c. The beginning balance of supplies was $15,500. During the year, then entity purchased suppliescosting $55,400, and at December 31 the inventory of supplies on hand is $12,650.d. WARI is conducting test of new hinges to be used in the rebuilding of a dump truck, and the clientpaid WARI $15,000 at the start of the project. WARI recorded this amount as Unearned ServiceRevenue. The tests will take several months to complete. WARI executives estimate that thecompany has earned two-thirds of the total fee during the current year.RequiredJournalize the adjusting…
Windsor, Inc. has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. The December utility bill for $365 was unrecorded on December 31. Windsor paid the bill on January 11. Windsor is open 7 days a week and employees are paid a total of $3,010 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 4. 1. 2. Windsor signed a $38,400, 5% bank loan on November 1, 2021, due in 2 years. Interest is payable on the first day of each following month. 3. Windsor receives a fee from Pizza Shop next door for all pizzas sold to customers using Windsor's facility. The amount owed for December is $260, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) Windsor rented some of its unused warehouse space to a…
The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime pay.Compute the following for the last monthly pay of the year:a. The total wages of each part-time employee for December 2019.b. The OASDI and HI taxable wages for each employee.c. The FICA taxes withheld from each employee’s wages for December.d. Totals of columns.e. The employer’s FICA taxes for the month.
Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.
Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $163,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Pay Period End September 24 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax
During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all $100,000. State and federal unemployment taxes of $1,300 and $650 are owed, respectively. Required: Prepare the necessary journal entry for Seger to record the employer portion of these payroll taxes. If an amount box does not require an entry, leave it either blank.
Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $920, what is the required journal entry to accrue compensated absences? Debit Salaries and Wages Payable for $128295 and credit Salaries and Wages Expense for $128295. No journal entry required. Debit Salaries and Wages Expense for $128800 and credit Salaries and Wages Payable for $128800. Debit Salaries and Wages Expense for $64400 and credit Salaries and Wages Payable for $64400.
The payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2021: Required: 1. Enter the relevant information in the proper columns of a payroll register and complete the register, calculate CPP and El deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate Income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week. (Round your intermediate calculations and final answers to 2 decimal places.) Payroll Week Ended March 23, 2021 Employees Ray Loran Kathy Sousa Gary Smith Nicole Parton Diana Wood 1 2 3 4 5 Employment Insurance 0.00 Employee No. View transaction list CPP MTWT 11 8 12 0000 O 0.00 7 13 8 14 8 15 0 Daily Time 00 00 00 00 00000 8 8 6 Income Tax Journal entry worksheet 2 LL 8 7 8 8 8 8 8 6 6 0.00 F S S 4 4 SOO || 0 To 0 4 4 0 0 8 8 Hospital Insurance Total Hours 40.00…
Flowers Corp. pays its employees every Friday. The Flowers' Corp. employees earn $600,000 each five day work week. Assuming December 31, 2020 falls on a Thursday, what is the amount of salaries payable that Flowers Corp. should report on its December 31, 2020 balance sheet?
GHI Company compensates its employees for certain absences for vacation and sickness. Employees are entitled to one day vacation plus one day sick leave for each month worked during the year. Unused vacation days may be carried forward, but unused sick leave does not accumulate. Employees are compensated according to their pay in effect at the time of the leave. The following data were taken from the records for the year 2021. Employee Date of initial employment Unused vacation 1/1/2021 Vacation taken in 2021 Sick leave taken in 2021 Rate per day Rj 1/10/2019 18 8 5 1,000 Pinky 7/28/2020 5 4 10 800 Janus 9/1/2021 0 2 6 600 Noli 8/1/2021 0 3 5 400 Prepare the entry to record the 2021 transactions.