Margaret Strands regular hourly wage rate is $ 24 , and she receives an hourly rate of
Fantastic news! We've Found the answer you've been seeking!
Question:
Margaret Strand’s regular hourly wage rate is $24, and she receives an hourly rate of $36 for work in excess of 40 hours. During a January pay period, Margaret works 45 hours. Margaret’s federal income tax withholding is $91.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%.
Prepare the employer’s journal entries to record (a) Margaret’s pay for the period and (b) the payment of Margaret’s wages. Use January 15 for the end of the pay period and the payment date.
No. | Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|---|
(a) | Jan. 15 | enter an account title to record Betsy's pay for the period on January 15 | enter a debit amount | enter a credit amount |
enter an account title to record Betsy's pay for the period on January 15 | enter a debit amount | enter a credit amount | ||
enter an account title to record Betsy's pay for the period on January 15 | enter a debit amount | enter a credit amount | ||
enter an account title to record Betsy's pay for the period on January 15 | enter a debit amount | enter a credit amount | ||
(b) | Jan. 15 | enter an account title to record the payment of Betsy's wages on January 15 | enter a debit amount | enter a credit amount |
enter an account title to record the payment of Betsy's wages on January 15 | enter a debit amount | enter a credit amount |
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date: