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Category > Business & Finance Posted 10 Dec 2017 My Price 10.00

Chart of Accounts for exact wording of account titles

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. Include the year when enter the date in the journal.
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, $38,000 is subject to unemployment compensation taxes. Include the year when enter the date in the journal.

PAGE 11 JOURNAL

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

Salaries:
 Sales salaries $335,000
 Warehouse salaries 186,000
 Office salaries 144,000
$665,000
Deductions:
 Income tax withheld $116,800
 Social security tax withheld 39,900
 Medicare tax withheld 9,975
 U.S. savings bonds 14,630
 Group insurance 11,970
$193,275
Tax rates assumed:
Social security 6%
Medicare 1.5%
State unemployment (employer only) 5.4%
Federal unemployment (employer only)

0.8%

 

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CourseLover
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Status NEW Posted 10 Dec 2017 07:12 AM My Price 10.00

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