Progress Sheridan Company'sgross pay for the week ended August 22 totalled73,500, from which S4,030 was deducted for CPP. S1,350 for El, and $19.710 for income tax Prepare the entry to record the employer payrol costs, assuming these will not be paid until September. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. if no entryis required, select "No Entry" for the account titles end enter O for the amounts. Round answers to O decimal places, eg. 1,575.) Date Account Titles and Explanation Debit Credit Aug. 22 (Torecord employer payroll costs) eTextbook and Media

Progress Sheridan Company'sgross pay for the week ended August 22 totalled73,500, from which S4,030 was deducted for CPP. S1,350 for El, and $19.710 for income tax Prepare the entry to record the employer payrol costs, assuming these will not be paid until September. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. if no entryis required, select "No Entry" for the account titles end enter O for the amounts. Round answers to O decimal places, eg. 1,575.) Date Account Titles and Explanation Debit Credit Aug. 22 (Torecord employer payroll costs) eTextbook and Media

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

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Journalize period payroll The payroll register of Heritage Co. indicates 3,900 of social security withheld and 975 of Medicare tax withheld on total salaries of 65,000 for the period. Federal withholding for the period totaled 14,250. Retirement savings withheld from employee paychecks were 2,600 for the period. Journalize the entry to record the periods payroll.
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
PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL
QUESTION 25 XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000. Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the payroll entry for the week. DATE Debit Credit XIX b) Journalize the payroll tax entry for the week. DATE Debit Credit XIX
Exercise 8-6
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Problem 13-5 Analyzing a Source Document Based on the payroll register shown below, prepare the journal entry. PAYROLL REGISTER PAY PERIOD ENDING May 19 20 - DATE OF PAYMENT May 19, 20-- EARNINGS DEDUCTIONS RATE NET PAY CK. NO. NAME REGULAR OVERTIME SOC. SEC. MEDICARE FED, INC. TAX STATE INC. TAX HOSP INS TOTAL OTHER TOTAL TAX TAX 25 25 TOTALS 1,218 93 109 14 1,328 07 82 34 19 26 184 00 26 56 20 00 Other Deductiona: Write the appropriate code letter to the left of the amount: B-U.S. Savinge Bonde; C-Credit Union: UD-Union Duee: Uw-United Way. 332 16 995 91 View transaction list Journal entry worksheet 1 Record the payroll entry. Note: Enter debits before credits. Date General Journal Debit Credit May 19 Record entry Clear entry View general journal
View Policies Current Attempt in Progress Assume the following data for Sandhill Home Appliance Repair for the payroll quarter ended March 31 . . . . Gross earnings Employee FICA taxes Federal income tax State income tax Number of employees this quarter: Date Account Titles and Explanation Apr. 15 $294,000.00 Sandhill is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. List of Accounts 22.491.00 58,800.00 Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Save for…
Exercise 10.7 (Static) Journalizing payroll transactions. LO 10-7 On July 31, the payroll register for Red Company showed the following totals for the month: gross earnings, $38,950; social security tax, $2,414.90; Medicare tax, $564.78; income tax, $5,842.00; and net amount due, $30,128.32. Of the total earnings, $30,500.00 was for sales salaries and $8,450.00 was for office salaries. Prepare a general journal entry to record the monthly payroll of the firm on July 31. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the payroll expense and related taxes payable. Note: Enter debits before credits. Date General Journal Debit Credit July 31, 20X1 Mc Graw Hill 6.586 APE 6 23 MacBook Pro
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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 HI $524.83 FIT W/H $6,515.00 Refer to Exhibit 6-1. Journalize the entry to deposit the FICA and FIT taxes. State Tax $361.95 Union Dues $500.00 Net Pay $26,049.22
> Assignment 11 Chapter 11 Unit 5 Journalize period payroll Instructions Chart of Accounts Journal Instructions The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of Medicare tax withheld on total salaries of $189,000 for the period. Federal withholding for the period totaled $37,420. < Required: On December 31, provide the journal entry for the period's payroll. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts ASSETS CHART OF ACCOUNTS Clapton Co. General Ledger REVENUE