Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781337517386
Author: WARREN
Publisher: Cengage
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Chapter 8, Problem 8.2.2P
Recording payroll and payroll taxes
The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.:
Instructions
Illustrate the effect on the accounts and financial statements of recording the October 4 payroll.
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Journalize each of the payroll transactions listed below. Post all entries except the last two to the appropriate general ledger accounts.
The journal page and the ledger accounts are supplied below. The balances listed in the general ledger accounts for Cash, FUTA Taxes Payable, SUTA Taxes Payable, Employees SIT Payable, Wages and Salaries, and Payroll Taxes are the results of all payroll transactions for the first quarter, not including the last pay of the quarter. The balances in FICA Taxes Payable—OASDI, FICA Taxes Payable—HI, and Employees FIT Payable are the amounts due from the March 15 payroll.
March 31, 20--: Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees' wages.
March 31, 20--: Record the employer's payroll taxes for the last pay in…
How do I jounalize the enties for a and b?
a. Journalize the entry to record the payroll for the week of May 18.b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
According to the accountant of Sheridan Inc., its payroll taxes for the week were as follows: $132.00 for FICA taxes, $13,20 for federal
unemployment taxes, and $92.40 for state unemployment taxes.
Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually)
Account Titles and Explanation
Debit
Credit
Chapter 8 Solutions
Survey of Accounting (Accounting I)
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