Patricia Strand’s regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Patricia works 48 hours. Patricia’s federal income tax withholding is $95.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer’s journal entries to record (a) Patricia’s pay for the period and (b) the payment of Patricia’s wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 15 enter an account title to record Betsy's pay for the period on January 15 enter a debit amount enter a credit amount enter an account title to record Betsy's pay for the period on January 15 enter a debit amount enter a credit amount enter an account title to record Betsy's pay for the period on January 15 enter a debit amount enter a credit amount enter an account title to record Betsy's pay for the period on January 15 enter a debit amount enter a credit amount (b) Jan. 15 enter an account title to record the payment of Betsy's wages on January 15 enter a debit amount enter a credit amount enter an account title to record the payment of Betsy's wages on January 15

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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Patricia Strand’s regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Patricia works 48 hours. Patricia’s federal income tax withholding is $95.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%.

Prepare the employer’s journal entries to record (a) Patricia’s pay for the period and (b) the payment of Patricia’s wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
(a)	Jan. 15	enter an account title to record Betsy's pay for the period on January 15	enter a debit amount	enter a credit amount
		enter an account title to record Betsy's pay for the period on January 15	enter a debit amount	enter a credit amount
		enter an account title to record Betsy's pay for the period on January 15	enter a debit amount	enter a credit amount
		enter an account title to record Betsy's pay for the period on January 15	enter a debit amount	enter a credit amount
(b)	Jan. 15	enter an account title to record the payment of Betsy's wages on January 15	enter a debit amount	enter a credit amount
		enter an account title to record the payment of Betsy's wages on January 15

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