Vaughn Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Vaughn works 45 hours. Vaughn's federal income tax withholding is $96, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Vaughn's pay for the period and (b) the payment of Vaughn's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Jan. (a) 15 Jan. (b) 15

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Vaughn Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a
January pay period, Vaughn works 45 hours. Vaughn's federal income tax withholding is $96, she has no voluntary deductions, and the
FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date.
Prepare the journal entries to record (a) Vaughn's pay for the period and (b) the payment of Vaughn's wages. Use January 15 for the
end of the pay period and the payment date. (Round Intermediate calculation and final 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
Jan.
(a)
15
Jan.
(b)
15
Transcribed Image Text:Vaughn Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Vaughn works 45 hours. Vaughn's federal income tax withholding is $96, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Vaughn's pay for the period and (b) the payment of Vaughn's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final 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 Jan. (a) 15 Jan. (b) 15
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