The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:On page 10 of the journal:Dec.Salary distribution:OfficersOperationsOfficeDeductions:Social security taxMedicare tax2 Issued Check No. 410 for $3,400 to Jay Bank to purchase U.S. savings bonds for employees.Issued Check No. 411 to Jay Bank for $27,012 in payment of $9,280 of social security tax, $2,302 ofMedicare tax, and $15,430 of employees' federal income tax due.2Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:Federal income tax withhold13State income tax withheldSavings bond deductions1313Net amount1619On page 11 of the journal:OfficersMedical insurance deductions 3,700 29,464$45,736OperationsOfficeSalary distribution:Deductions:Social security taxMedicare tax2727$42,400Dec. 27 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:Net amount2726,000State income tax withheldSavings bond deductions6,800 $75,200$4,512Issued Check No. 420 in payment of the net amount of the biweekly payroll.Journalized the entry to record payroll taxes on employees' earnings of December 13: social securitytax, $4,512; Medicare tax, $1,128; state unemployment tax, $350; federal unemployment tax, $115.Issued Check No. 424 to Jay Bank for $26,320, in payment of $9,024 of social security tax, $2,256 ofMedicare tax, and $15,040 of employees' federal income tax due.1,128Issued Check No. 429 to Sims-Walker Insurance Company for $25,900 in payment of the semiannualpremium on the group medical insurance policy.15,0403,3841,700$42,00026,800Federal income tax withheld 15,0047,000 $75,800$ 4,5481,1373,4111,700 25,800$50,000Issued Check No. 541 in payment of the net amount of the biweekly payroll.Journalized the entry to record payroll taxes on employees' earnings of December 27: social securitytax, $4,548; Medicare tax, $1,137; state unemployment tax, $210; federal unemployment tax, $70.Issued Check No. 543 for $20,707 to State Department of Revenue in payment of employees' stateincome tax due on December 31.31 Issued Check No. 545 to Jay Bank for $3,400 to purchase U.S. savings bonds for employees.31Paid $60,000 to the employee pension plan. The annual pension cost is $80,000. (Record both thepayment and unfunded pension liability.)Required:1. Journalize the transactions on pages 10 and 11 of the journal. Refer to the Chart of Accounts for exact wording of account titles.2. On page 12 of the journal, journalize the following adjusting entries on December 31 (refer to the Chart of Accounts for exact wording ofaccount titles);a. Salaries accrued: operations salaries, $8,590; officers salaries, $5,560; office salaries, $1,450. The payroll taxes are immaterial and are notaccruedb. Vacation pay, $15,000.

Payroll is the collective term used to define the payments related to employees’ salaries or wages.…

The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: On page 10 of the journal: Dec. 2 2 Issued Check No. 410 for $3,400 to Jay Bank to purchase U.S. savings bonds for employees. Issued Check No. 411 to Jay Bank for $27,012 in payment of $9,280 of social security tax, $2,302 of Medicare tax, and $15,430 of employees' federal income tax due. 13 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:

The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: On page 10 of the journal: Dec. 2 2 Issued Check No. 410 for $3,400 to Jay Bank to purchase U.S. savings bonds for employees. Issued Check No. 411 to Jay Bank for $27,012 in payment of $9,280 of social security tax, $2,302 of Medicare tax, and $15,430 of employees' federal income tax due. 13 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:

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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