Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll. first picture, for all green boxes the headers are the same: Date, account, debit ,credit 2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the payroll. 2nd picture
Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll. first picture, for all green boxes the headers are the same: Date, account, debit ,credit 2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the payroll. 2nd picture
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.:
Salaries: | Deductions: | |||||
Sales salaries | $199,000 | Income tax withheld | $71,984 | |||
Warehouse salaries | 109,000 | U.S. savings bonds | 8,998 | |||
Office salaries | 101,000 | Group insurance | 7,362 | |||
$409,000 |
Tax rates assumed: | |
Social security, 6% | |
Medicare, 1.5% | |
State |
|
Federal unemployment (employer only), 0.8% |
Required:
If an amount box does not require an entry, leave it blank.
1a. Assuming that the payroll for the last week of the year is to be paid on December 31,
first picture, for all green boxes the headers are the same: Date, account, debit ,credit
2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the payroll.
2nd picture
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