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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Concept explainers

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.

Question

Тахes
Tophat Inc. employs one person to run its consulting company. The employee's gross income for the month
of June is $6,000. Payroll for the month of June is as follows: FICA Social Security tax rate at 6.2%,
FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care
insurance premium of $200, and union dues of $50. The employee is responsible for covering 30%
of her own health insurance premium.
Required
4. Record the joumal 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.
Date
General Journal
DR
CR
30-Jun
1-Aug
Contingent Liabilities
Jeramiah Co has a pending lawsuit against the company claiming $2,700 in damages,
The lawsuit is considered probable to favor the plaintiff and can be reasonably estimated on December 31, 20:
Required
5. Record the joumal entry, if necessary, to
the lawsuit.
Date
General Journal
DR
CR
31-Dec

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