Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Textbook Question
Chapter 10, Problem 5PA
Payroll accounts and year-end entries
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year:
The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:
Instructions
- 1. Journalize the transactions.
- 2. Journalize the following
adjusting entries on December 31:- a. Salaries accrued: operations salaries, $8,560; officers salaries, $5,600; office salaries, $1,400. The payroll taxes are immaterial and are not accrued.
- b. Vacation pay, $15,000.
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JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade Company has fouremployees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.The accounts kept by Cascade include the following:
Required1. Journalize the preceding transactions using a general journal.2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.
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Chapter 10 Solutions
Financial And Managerial Accounting
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