Account Balance on June 1 $70,200 3,553 5,103 1,197 1,225 574 2,835 Number Title 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 222 511 530 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,853 covering the following May taxes: Social Security tax $5,103 1,197 3,553 Medicare tax Employee federal income tax withheld Total $9,853 30 June payroll: Total wages and salaries expense $42,000 Less amounts withheld: $2,604 Social Security tax Medicare tax Employee federal income tax Savings bond deductions Net amount paid 609 3,570 1,225 8,008 $33,992 30 Purchased savings bonds for employees, $2,450 30 Employer payroll taxes expenses for June were: Social Security Medicare $2,604 609 FUTA 84 SUTA 567 Total $3,864 July 15 Paid $9,996 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld $5,208 1,218 3,570 $9,996 Total 31 Paid SUTA tax for the quarter, $3,402 Paid FUTA tax, $658 31
Account Balance on June 1 $70,200 3,553 5,103 1,197 1,225 574 2,835 Number Title 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 222 511 530 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,853 covering the following May taxes: Social Security tax $5,103 1,197 3,553 Medicare tax Employee federal income tax withheld Total $9,853 30 June payroll: Total wages and salaries expense $42,000 Less amounts withheld: $2,604 Social Security tax Medicare tax Employee federal income tax Savings bond deductions Net amount paid 609 3,570 1,225 8,008 $33,992 30 Purchased savings bonds for employees, $2,450 30 Employer payroll taxes expenses for June were: Social Security Medicare $2,604 609 FUTA 84 SUTA 567 Total $3,864 July 15 Paid $9,996 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld $5,208 1,218 3,570 $9,996 Total 31 Paid SUTA tax for the quarter, $3,402 Paid FUTA tax, $658 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade Company has four
employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.
The accounts kept by Cascade include the following:
Required
1. Journalize the preceding transactions using a general journal.
2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.
Transcribed Image Text:Account
Balance on
June 1
$70,200
3,553
5,103
1,197
1,225
574
2,835
Number
Title
101
Cash
211
Employee Federal Income Tax Payable
Social Security Tax Payable
Medicare Tax Payable
Savings Bond Deductions Payable
FUTA Tax Payable
SUTA Tax Payable
Wages and Salaries Expense
Payroll Taxes Expense
212
213
218
221
222
511
530
Transcribed Image Text:The following transactions relating to payrolls and payroll taxes occurred during
June and July:
June 15 Paid $9,853 covering the following May taxes:
Social Security tax
$5,103
1,197
3,553
Medicare tax
Employee federal income tax withheld
Total
$9,853
30 June payroll:
Total wages and salaries expense
$42,000
Less amounts withheld:
$2,604
Social Security tax
Medicare tax
Employee federal income tax
Savings bond deductions
Net amount paid
609
3,570
1,225
8,008
$33,992
30 Purchased savings bonds for employees, $2,450
30 Employer payroll taxes expenses for June were:
Social Security
Medicare
$2,604
609
FUTA
84
SUTA
567
Total
$3,864
July 15 Paid $9,996 covering the following June taxes:
Social Security tax
Medicare tax
Employee federal income tax withheld
$5,208
1,218
3,570
$9,996
Total
31 Paid SUTA tax for the quarter, $3,402
Paid FUTA tax, $658
31
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education