College Accounting, Chapters 1-9 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-9 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666184
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 9, Problem 7SPB

CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected information from the payroll register of Wray’s Drug Store for the week ended July 14,20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $118,500 of earnings, and Medicare tax is 1.45% on gross earnings.

Chapter 9, Problem 7SPB, CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected information from the payroll

REQUIRED

  1. 1. Calculate the total employer payroll taxes for these employees.
  2. 2. Prepare the journal entry to record the employer payroll taxes as of July 14,20--.
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Kindly give a step by step details explaination of each answers especially question 5 and 6. Please, don't just give answers without explaining how we arrived at the answer. Thanks! The following are the questions:      1. What is the general journal entries the transactions described for Hogan Company. All sales are on account. Use the date of December 31 to make the entry to summarize sales for the year in the old territory and new territory.      2. Make the journal entries to record the write-off of accounts in the new territory.      3. Make the journal entry to record the write-off of accounts in the old territory.      4. Make the entry on December 31 to record uncollectible accounts expense for 20X1 for both territories. Make the calculation using the percentages developed by Hogan.      5. Let’s say the Allowance for Doubtful Accounts had a credit balance of $24,800 on September 30 before any of the above entries were made. Calculate the balance in the allowance account after…
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College Accounting, Chapters 1-9 (New in Accounting from Heintz and Parry)

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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License