The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all $652,000 in salaries is subject to unemployment compensation taxes.1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes. InstructionsChart of AccountsThe following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:CHART OF ACCOUNTSBoltz Co.Salaries:Deductions:General LedgerSales salaries$325,000 Income tax withheld $119,000Warehouse salaries 196,000 U.S. savings bonds14,344ASSETSREVENUEOffice salaries131,000 Group insurance11,736110 Cash410 Sales$652,000111 Accounts Receivable610 Interest Revenue112 Interest Receivable113 Notes ReceivableEXPENSESTax rates assumed:115 Inventory510 Cost of Goods SoldSocial security 6%State unemployment (employer only) 5.4%116 Supplies520 Sales Salaries ExpenseMedicare1.5% Federal unemployment (employer only) 0.8%118 Prepaid Insurance521 Warehouse Salaries Expense120 Land522 Office Salaries ExpenseRequired:123 Building524 Depreciation Expense-Building1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of124 Accumulated Depreciation-Building525 Delivery ExpenseAccounts for exact wording of account titles):125 Office Equipment526 Repairs Expensea. December 30, to record the payroll.126 Accumulated Depreciation-Office Equipment529 Selling Expensesb. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the531 Rent Expenseyear, $44,000 is subject to unemployment compensation taxes.LIABILITIES532 Depreciation Expense-Office Equipment2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries210 Accounts Payable533 Insurance Expense(refer to the Chart of Accounts for exact wording of account titles):213 Interest Payable534 Supplies Expensea. On page 11 of the journal: December 30, to record the payroll.214 Notes Payable535 Payroll Tax Expenseb. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal215 Salaries Payable536 Vacation Pay Expenseyear, all $652,000 in salaries is subject to unemployment compensation taxes.216 Social Security Tax Payable537 Pension Expense217 Medicare Tax Payable538 Cash Short and OverJournal218 Employees Income Tax Payable540 Miscellaneous Expense220 Group Insurance Payable710 Interest ExpenseScroll down to access additional pages of the journal.221 U.S. Saving Bond Deductions Payable222 Union Dues Payable1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of223 Retirement Savings Deductions PayableAccounts for exact wording of account titles):224 Federal Unemployment Tax Payablea. December 30, to record the payroll.225 State Unemployment Tax Payableb. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the226 Vacation Pay Payableyear, $44,000 is subject to unemployment compensation taxes.227 Unfunded Pension LiabilityEQUITY310 Common Stock311 Retained Earnings312 Dividends

Payroll refers to the payment to be made by the employer to the employees for the services rendered…

The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. On page 11 of the journal: December 30, to record the payroll. b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all $652,000 in salaries is subject to unemployment compensation taxes. 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:

Required:
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
a. December 30, to record the payroll.
b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.
2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
a. On page 11 of the journal: December 30, to record the payroll.
b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all $652,000 in salaries is subject to unemployment compensation taxes.

1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
a. December 30, to record the payroll.
b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.

Instructions
Chart of Accounts
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:
CHART OF ACCOUNTS
Boltz Co.
Salaries:
Deductions:
General Ledger
Sales salaries
$325,000 Income tax withheld $119,000
Warehouse salaries 196,000 U.S. savings bonds
14,344
ASSETS
REVENUE
Office salaries
131,000 Group insurance
11,736
110 Cash
410 Sales
$652,000
111 Accounts Receivable
610 Interest Revenue
112 Interest Receivable
113 Notes Receivable
EXPENSES
Tax rates assumed:
115 Inventory
510 Cost of Goods Sold
Social security 6%
State unemployment (employer only) 5.4%
116 Supplies
520 Sales Salaries Expense
Medicare
1.5% Federal unemployment (employer only) 0.8%
118 Prepaid Insurance
521 Warehouse Salaries Expense
120 Land
522 Office Salaries Expense
Required:
123 Building
524 Depreciation Expense-Building
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of
124 Accumulated Depreciation-Building
525 Delivery Expense
Accounts for exact wording of account titles):
125 Office Equipment
526 Repairs Expense
a. December 30, to record the payroll.
126 Accumulated Depreciation-Office Equipment
529 Selling Expenses
b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the
531 Rent Expense
year, $44,000 is subject to unemployment compensation taxes.
LIABILITIES
532 Depreciation Expense-Office Equipment
2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries
210 Accounts Payable
533 Insurance Expense
(refer to the Chart of Accounts for exact wording of account titles):
213 Interest Payable
534 Supplies Expense
a. On page 11 of the journal: December 30, to record the payroll.
214 Notes Payable
535 Payroll Tax Expense
b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal
215 Salaries Payable
536 Vacation Pay Expense
year, all $652,000 in salaries is subject to unemployment compensation taxes.
216 Social Security Tax Payable
537 Pension Expense
217 Medicare Tax Payable
538 Cash Short and Over
Journal
218 Employees Income Tax Payable
540 Miscellaneous Expense
220 Group Insurance Payable
710 Interest Expense
Scroll down to access additional pages of the journal.
221 U.S. Saving Bond Deductions Payable
222 Union Dues Payable
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of
223 Retirement Savings Deductions Payable
Accounts for exact wording of account titles):
224 Federal Unemployment Tax Payable
a. December 30, to record the payroll.
225 State Unemployment Tax Payable
b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the
226 Vacation Pay Payable
year, $44,000 is subject to unemployment compensation taxes.
227 Unfunded Pension Liability
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends

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