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Journal entry Complete the following Prepare the journal entries as of January 12 to record the payroll taxes for the week ending January 8. Credit salaries payable for the total net pay. Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers

Journal entry Complete the following Prepare the journal entries as of January 12 to record the payroll taxes for the week ending January 8. Credit salaries payable for the total net pay. Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers

FINANCIAL ACCOUNTING
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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Journal entry Complete the following Prepare the journal entries as of January 12 to record the payroll taxes for the week ending January 8. Credit salaries payable for the total net pay. Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers
Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): 1. Record the amount to be withheld for group insurance. 2. Record the amount to be withheld for health insurance. 3. Each worker is to be paid by check. Assign check numbers provided to the correct employee. 4. Compute the net pay for each employee. 5. Total the input columns. KIPLEY COMPANY, INC. Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount $43.40 $10.15 $21.00 1.65 Carson, F. $700.00 $60.00 $21.49 s0.42 $20.00 0.85 313 521.04 Wilson, W. 897.04 55.62 13.01 91.00 27.54 0.54 26.91 50.00 0.85 1.65 314 629.92 678.75 25.00 20.84 0.41 40.00 0.85 1.65 315 517.72 20.36 Utley, H. 42.08 9.84 877.10 28.00 0.53 50.00 0.85 1.65 316 675.73 Fife, L. 54.38 12.72 26.93 26.31 0.47 598.49 Smith, L. 61.00 24:25 23.70 20.00 0.00 1.65 317 790.00 48.98 11.46 16.17 33.43 7.82 0.32 40.00 0.85 1.65 318 419.36 3.00 16.55 Fay, G. 539.15 0.37 38.63 18.69 50.00 0.85 1.65 319 484.73 Robey, G. 623.08 9.03 19.13 0.46 60.00 320 540.91 Schork, T. 773.08 11.21 64.00 23.73 23.19 0.00 1.65 47.93 0.40 29.98 30.00 0.85 1.65 321 540.82 666.11 41.30 9.66 1.00 20.45 Hardy, B. 766.70 80.00 1.65 322 13.00 0.60 30.00 0.85 62.00 30.70 Kipley. C 1,000.00 14.50 16.5 $ 5,695.42 $4.52 $440.00 $226.31 6.8 7,544.31 $467.75 s109.40 $346.00 s231.61 Totals All work saved. 99+ O Type here to search
Transcribed Image Text:Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): 1. Record the amount to be withheld for group insurance. 2. Record the amount to be withheld for health insurance. 3. Each worker is to be paid by check. Assign check numbers provided to the correct employee. 4. Compute the net pay for each employee. 5. Total the input columns. KIPLEY COMPANY, INC. Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount $43.40 $10.15 $21.00 1.65 Carson, F. $700.00 $60.00 $21.49 s0.42 $20.00 0.85 313 521.04 Wilson, W. 897.04 55.62 13.01 91.00 27.54 0.54 26.91 50.00 0.85 1.65 314 629.92 678.75 25.00 20.84 0.41 40.00 0.85 1.65 315 517.72 20.36 Utley, H. 42.08 9.84 877.10 28.00 0.53 50.00 0.85 1.65 316 675.73 Fife, L. 54.38 12.72 26.93 26.31 0.47 598.49 Smith, L. 61.00 24:25 23.70 20.00 0.00 1.65 317 790.00 48.98 11.46 16.17 33.43 7.82 0.32 40.00 0.85 1.65 318 419.36 3.00 16.55 Fay, G. 539.15 0.37 38.63 18.69 50.00 0.85 1.65 319 484.73 Robey, G. 623.08 9.03 19.13 0.46 60.00 320 540.91 Schork, T. 773.08 11.21 64.00 23.73 23.19 0.00 1.65 47.93 0.40 29.98 30.00 0.85 1.65 321 540.82 666.11 41.30 9.66 1.00 20.45 Hardy, B. 766.70 80.00 1.65 322 13.00 0.60 30.00 0.85 62.00 30.70 Kipley. C 1,000.00 14.50 16.5 $ 5,695.42 $4.52 $440.00 $226.31 6.8 7,544.31 $467.75 s109.40 $346.00 s231.61 Totals All work saved. 99+ O Type here to search
HI at 1.45%% on total earnings -FUTA at 0.6% on the first $7,000 SUTA aL 3.6890% on the first $10,000 Enter the Employer's total payroll taxes for the pay period ending auary 8, 20.. KIPLEY COMPANY, INC. Taxable Earnings Payroll Taxes Taxable Earnings Payroll Taxus OASDI HI FUTA SUTA Totals 57,544.31 5,695.42 S467.75 $109.39 $45.27 $278.31 Journal Entry: Recording Payroll Journal Entry: Recording Payroll Comphete the folkowing Prepar u lhw joun al entrs as of January 12 ta record the pavroll and the payroll laxs for the wouk ending January 8. Credit Salanes Pavable for the total nit pay. Date Account Debit Credit 20 Jan. 12 To record payrull. 20 Jan. 12 To tand payul tas Jourw Ertrv. Payros Diton Journal Entry: Payroll Distribution All work awvwu 99+ O Type here to search
Transcribed Image Text:HI at 1.45%% on total earnings -FUTA at 0.6% on the first $7,000 SUTA aL 3.6890% on the first $10,000 Enter the Employer's total payroll taxes for the pay period ending auary 8, 20.. KIPLEY COMPANY, INC. Taxable Earnings Payroll Taxes Taxable Earnings Payroll Taxus OASDI HI FUTA SUTA Totals 57,544.31 5,695.42 S467.75 $109.39 $45.27 $278.31 Journal Entry: Recording Payroll Journal Entry: Recording Payroll Comphete the folkowing Prepar u lhw joun al entrs as of January 12 ta record the pavroll and the payroll laxs for the wouk ending January 8. Credit Salanes Pavable for the total nit pay. Date Account Debit Credit 20 Jan. 12 To record payrull. 20 Jan. 12 To tand payul tas Jourw Ertrv. Payros Diton Journal Entry: Payroll Distribution All work awvwu 99+ O Type here to search
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