aj.6 Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan.For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Date Account Titles and ExplanationMarch 28(To record payment of salaries and wages expense)(To record company portion of pension benefit expense)DebitTCredit Sunland Corporation provides a defined contribution pension plan for its employees. Under the plan, the company deducts 4% of eachemployee's gross pay for each bi-weekly pay period. The company then contributes 6% of the employees' gross pay to the pensionplan. The combined contributions are then submitted to the pension trustee within 10 days of the end of the month in which the paywas earned.For the first pay period of March (from Sunday March 1 to March 14, 2023), Sunland's total gross payroll was $302,000. Total grosspayroll for the period March 15 through March 28, 2023, was $322,000. The total anticipated payroll for the period March 29 throughApril 10, 2023, was $311,000 (employees worked Monday through Friday each week). On April 10, 2023, Sunland submitted thepension contributions to the trustee for the month of March (including accruals up to and including March 31).

A journal entry is a fundamental accounting record used to capture and document individual financial…

Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan. For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation March 28 (To record payment of salaries and wages expense) (To record company portion of pension benefit expense) Debit Credit

Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan. For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation March 28 (To record payment of salaries and wages expense) (To record company portion of pension benefit expense) Debit Credit

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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

aj.6

Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan.
For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
Date Account Titles and Explanation
March 28
(To record payment of salaries and wages expense)
(To record company portion of pension benefit expense)
Debit
T
Credit

Sunland Corporation provides a defined contribution pension plan for its employees. Under the plan, the company deducts 4% of each
employee's gross pay for each bi-weekly pay period. The company then contributes 6% of the employees' gross pay to the pension
plan. The combined contributions are then submitted to the pension trustee within 10 days of the end of the month in which the pay
was earned.
For the first pay period of March (from Sunday March 1 to March 14, 2023), Sunland's total gross payroll was $302,000. Total gross
payroll for the period March 15 through March 28, 2023, was $322,000. The total anticipated payroll for the period March 29 through
April 10, 2023, was $311,000 (employees worked Monday through Friday each week). On April 10, 2023, Sunland submitted the
pension contributions to the trustee for the month of March (including accruals up to and including March 31).

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