Financial accounting
3rd Edition
ISBN: 9780077506902
Author: David J Spieceland Wayne Thomas Don Herrmann
Publisher: Mcgraw-Hill
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Chapter 8, Problem 8.3BP
1
To determine
To Record: the employee salary expense, withholdings, and salaries payable for January 31.
2
To determine
To Record: the employee provided
3
To determine
To Record: the employee payroll taxes for January 31.
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Payroll Entries
Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $40,000. Tax rates are as follows:
Social security
6.0%
Medicare
1.5%
State unemployment
5.4%
Federal unemployment
0.6%
The total amount withheld from employee wages for federal taxes was $75,200.
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Journalize the entry to record the payroll for the week of July 15.
b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.
Payroll entries
Instructions
Chart of Accounts
Journal
Instructions
Urban Window Company had gross wages of $310,000 during the week ended July 15. The amount of wages subject to social security tax was $310,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. Tax rates are as follows:
Social security
6.0%
Medicare
1.5%
State unemployment
5.4%
Federal unemployment
0.6%
The total amount withheld from employee wages for federal taxes was $47,000.
Required:
a.
Journalize the entry to record the payroll for the week of July 15.*
b.
Journalize the entry to record the payroll tax expense incurred for the week of July 15.*
*Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit…
Payroll entries
Instructions
Instructions
Chart of Accounts Journal
Urban Window Company had gross wages of $370,000 during the week ended July 15. The
amount of wages subject to social security tax was $370,000, while the amount of wages
subject to federal and state unemployment taxes was $30,000. Tax rates are as follows:
Social security
Medicare
State unemployment
Federal unemployment
6.0%
1.5%
5.4%
0.6%
The total amount withheld from employee wages for federal taxes was $43,000.
Required:
A. Journalize the entry to record the payroll for the week of July 15.*
B. Journalize the entry to record the payroll tax expense incurred for the week of
July 15.*
*Refer to the Chart of Accounts for exact wording of account titles.
Chapter 8 Solutions
Financial accounting
Ch. 8 - Prob. 1RQCh. 8 - Prob. 2RQCh. 8 - Prob. 3RQCh. 8 - Provide examples of current liabilities in the...Ch. 8 - Prob. 5RQCh. 8 - Prob. 6RQCh. 8 - How does commercial paper differ from a normal...Ch. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - Prob. 10RQ
Ch. 8 - Prob. 11RQCh. 8 - Prob. 12RQCh. 8 - Prob. 13RQCh. 8 - Prob. 14RQCh. 8 - Prob. 15RQCh. 8 - Prob. 16RQCh. 8 - Prob. 17RQCh. 8 - Prob. 18RQCh. 8 - Prob. 19RQCh. 8 - Prob. 20RQCh. 8 - Prob. 21RQCh. 8 - Prob. 22RQCh. 8 - Prob. 23RQCh. 8 - Record notes payable (LO82) Flip Side of BE82 On...Ch. 8 - Prob. 8.2BECh. 8 - Record notes receivable (LO82) Flip Side of BE81...Ch. 8 - Determine interest expense (LO82) Record...Ch. 8 - Prob. 8.5BECh. 8 - Record deferred revenues (LO84) On December 18,...Ch. 8 - Prob. 8.7BECh. 8 - Prob. 8.8BECh. 8 - Prob. 8.9BECh. 8 - Prob. 8.10BECh. 8 - Prob. 8.11BECh. 8 - Prob. 8.12BECh. 8 - Prob. 8.13BECh. 8 - Prob. 8.14BECh. 8 - Prob. 8.15BECh. 8 - Determine proper classification of liabilities...Ch. 8 - Prob. 8.2ECh. 8 - Prob. 8.3ECh. 8 - Prob. 8.4ECh. 8 - Determine interest expense (LO82) OS Environmental...Ch. 8 - Record a line of credit (LO82) The following...Ch. 8 - Prob. 8.7ECh. 8 - Record payroll (LO83) During January, Luxury...Ch. 8 - Prob. 8.9ECh. 8 - Prob. 8.10ECh. 8 - Prob. 8.11ECh. 8 - Prob. 8.12ECh. 8 - Prob. 8.13ECh. 8 - Prob. 8.14ECh. 8 - Prob. 8.15ECh. 8 - Prob. 8.16ECh. 8 - Prob. 8.1APCh. 8 - Prob. 8.2APCh. 8 - Prob. 8.3APCh. 8 - Record Payroll (LOS3) Vacation Destinations offers...Ch. 8 - Prob. 8.5APCh. 8 - Prob. 8.6APCh. 8 - Prob. 8.7APCh. 8 - Prob. 8.8APCh. 8 - Prob. 8.9APCh. 8 - Prob. 8.1BPCh. 8 - Prob. 8.2BPCh. 8 - Prob. 8.3BPCh. 8 - Record Emily Turnbull, president of Aerobic...Ch. 8 - Prob. 8.5BPCh. 8 - Prob. 8.6BPCh. 8 - Prob. 8.7BPCh. 8 - Prob. 8.8BPCh. 8 - Prob. 8.9BPCh. 8 - Great AdventuresContinuing Problem (This is a...Ch. 8 - Prob. 8.2APFACh. 8 - Prob. 8.3APFACh. 8 - Prob. 8.4APCACh. 8 - Prob. 8.5APECh. 8 - Prob. 8.7APWCCh. 8 - AP8–8 Quattro Technologies, a hydraulic...
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