Answered: | 4. Record the journal entry to…

| 4. Record the journal entry to recognize employee payroll for the month of June, dated June 30, 2020 and rec remittance of the employee's salary with cash on August 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Payroll Schedule Pay Date Payroll Start Date Payroll End Date 2/27/2021 3/13/2021 3/27/2021 Total 3/5/2021 3/19/2021 4/2/2021 4/16/2021 Payroll Register - 04/02/2021 Employee Hire Date Employee A Employee B Employee C 4/30/2021 5/14/2021 5/28/2021 6/11/2021 6/25/2021 Payroll Register - 04/16/2021 Employee Hire Date Employee A Employee B Total Employee C Employee D 2/14/2021 2/28/2021 3/14/2021 3/28/2021 4/11/2021 4/25/2021 5/9/2021 5/23/2021 6/6/2021 01/01/2020 05/15/2020 07/10/2020 01/01/2020 05/15/2020 07/10/2020 04/01/2021 Gross Pay Gross Pay 4/10/2021 4/24/2021 5/8/2021 5/22/2021 6/5/2021 6/19/2021 6,923.08 5,000.00 4,615.38 16,538.46 6,923.08 5,000.00 4,615.38 4,615.38 21,153.85 Employer Taxes Employee Tax Withholding Net Pay 1,523.08 1,100.00 1,015.38 553.85 400.00 369.23 1,323.08 Employer Taxes 553.85 400.00 369.23 369.23 1,692.31 3,638.46 Q1 - Please determine the payroll accrual Amounts for closing March 2021 Q2 - Please prepare payroll accrual JE(s) to close March 2021…
Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note.
Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…
ll Register, Employee Earnings Record, a... Required information [The following information applies to the questions displayed below.] Alanis Morgan owns White Mountain Assessments in Laconia, New Hampshire. The standard workweek is 40 hours. Use the wage bracket method in the federal tax table from Appendix C. No employee has exceeded the Social Security tax wage base. All employees submitted a 2021 Form W-4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) View transaction list Saved lournal entry worksheet Required: Using the employee payroll entry from Problem 7-3A, complete the General Journal entry for the issuance of the pay for the September 10 payroll end date. The date of the checks is September 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Help 3 P O Save &
Taxes to be Withheld From Gross Pay Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Note: Round your answers to 2 decimal places. General Journal View transaction list Journal entry worksheet 1 Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credits. Date September 30 Record entry General Journal Clear entry Debit Credit View general journal
Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct. B I 므v y Paragraph + v ... Add a File Record Audio lıli
Adjusting entries: How to write in general journal this? A seven-day (weekly payroll) of 7,000,paid every Friday. December 31 falls on Sunday so the employees will only be paid on January 5,2021.
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10 FICA OASDI $2,244.10 FICA НІ $524.83 FIT W/H $6,515.00 State Tax $361.95 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Union Dues $500.00 Net Pay $26,049.22
The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar years 2018 and 2019 are as follows. On December 31, 2019, what amount should the company report as accrued salaries payable? a. P100,000 b. P94,000 c. P82,000 d. P35,000
On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 employees had earned $27.070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries were to include $602.58 of EL $1,666.91 of CPP, S7470 of income taxes, $1,230 of hospital insurance, and $720 of union dues. Required: 1. Prepare the General Journal entry to record the January 13 payroll. (Do not round intermediate calculations. Round your answers to 2 decimal places) View transaction list Journal entry worksheet Record payroll deductions for the pay period ending Jan 13. Notel Enter debts before oredits. Date General Journal Debit Credit Jan 13 View general journal Clear entry Record entry Nevt On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 earned $27,070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries…
Question 9: In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. O Asset В. O Liability C. O Revenue D. O Expense
Accounting Assume that the payroll record of Riverbed Oil Company provided the following information for the weekly payroll ended November 30,2020. Employee Hours Worked Hourly Pay Rate Federal Income Tax Union Dues Year- to-Date Earnings Through Previous Week T. king 44 58 442 9 133,900 T. Binion 46 23 97 5 23,200 N.Cole 40 28 148 5,700 C. Hennesey 42 33 230 7 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first 132,900 of each employee's annual ear earnings and 1.45% on any earnings over 132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first 7,000 of each employee's annual earnings. Prepare the payroll register for the pay period.(Round answers to 2 decimal places, e.g. 15.25)