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CHAPTER 12: FINANCIAL STATEMENTS, CLOSING ENTRIES, AND REVERSIN . Feb. 26 Recorded the payroll entry, crediting Salaries Payable. 26 Issued Ck. No. 7225, $2,335.74, to R. W. Harris. Issued Ck. No. 7226, $1,976.39, to T. L. Newkirk. Use two lines and debit Salaries Payable. 26 Ck. No. 7227 voided. 26 Recorded payroll taxes. Assume the following tax rates and taxable earnings: Federal unemployment taxable earnings, $7,000, with a rate of 0.6 percent. State unemployment taxable earnings. $7,000, with a rate of 5.4 percent. 27 Issued Ck No. 7228, $1,035, to JIT Freight Line for transportation charge on merchandise purchased from Kingston Fabrics. 28 Issued Ck. No. 7229, $155.60, payable to Cash to reimburse the petty cash fund. Petty cash payments consist of Supplies, $130.24, and Miscellaneous Expense, $25.36. 28 Cash sales for February 19 through February 28, $8,986.60. 28 Issued Ck. No. 7230, $2,290, to Global Rental Agency for monthly rent. M. L. Langdon (owner) withdrew $5,000 for personal use, Ck. No. 7231. 28 Feb. 5 Received an electric bill and paid Countywide Power, Ck. No. 6 Received check from Jason and Waldon, $10,780.51, in payment of account. 7 Issued Ck. No. 7218, 89,684.18, to Magnuson Textiles, in payment of its invoice no. RE64 for $9,782 less 1 percent discount. 9 Cash sales for February 1 through February 9, $9,745.40. 12 Recorded the payroll in the payroll register for regular biweekly salaries for period ended February 12. Salaries: R. W. Harris, $2,840; T. L. Newkirk, $2,374. Income tax withholdings are $287 for Harris and $216 for Newkirk. Assume the following tax rates and taxable earnings limits (see the payroll register for beginning cumulative earnings in your Working Papers. This information is also provided in CengageNow, or CLGL.): Social Security taxable earnings, $118,500, with a rate of 6.2 percent for employees and 6.2 percent for employers. Medicare taxable earnings, all earnings, with a rate of 1.45 percent (for both employees and employers). 12 Recorded the payroll entry, crediting Salaries Payable. 12 Issued Ck. No. 7219, $2,335.74, to R. W. Harris. Issued Ck. No. 7220, $1,976.39, to T. L. Newkirk. 12 Recorded payroll taxes. Assume the following tax rates and taxable earnings: Federal unemployment taxable earnings, $7,000, with a rate of 0.6 percent. State unemployment taxable earnings, $7,000, with a rate of 5.4 percent. 12 Received a credit memo from Magnuson Textiles for defective merchandise, $692, credit memo no. 916. . COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued) Fabulous Furnishings Balance Sheet February 28, 20- Assets Current Assets: Cash Petty Cash Fund Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Total Current Assets $13,157.47 70.00 45,552.48 45,484.00 366.24 2,270.00 $106,900.19 Property and Equipment: Equipment Lane Accumulated Danreciation LG LG2 LG9 LG4 LGS LGO LGS LG $ 9,324.00 1 RR5.00 WKSHTI WKSHT2 2111 nn BS LGB LG10 Schi IS POTBAL PAYI 16 Property and Equipment: Equipment Less Accumulated Depreciation Total Assets $ 9,324.00 1,885,00 8 2,111.00 $109,011.19 D Liabilities Current Liabilities: Accounts Payable Employees' Income Tax Payable FICA Social Security Tax Payable FICA Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Salarles Payable Total Liabilities $39,154,10 1,006.00 1,293.08 1,297.60 750.30 111.16 2,084.00 $ 45,696.24 Owner's Equity M. L. Langdon, Capital Total Liabilities and Owner's Equity 63,943.88 $109,640.12 US PETRAL PAROL PAGE 12 PAYMENT COMPREHENSIVE REVIEW PROBLEM (General Journal) (concluded) PAYROLL REGISTER FOR BIWEEKLY PERIOD ENDED February 12, 20- TACABLE LA DEDUCTION BEGINNING ENDING FEDERAL SOCIAL TOTAL CUMULATIVE TOTAL CUMULATIV UNEMPLOY SOCIAL INCOME SECURITY MEDICARE NAME HOURS EARNING EARNING LEARNING MENT SECURITY MEDICARE TAX TAX TAX RW Harr SO 5.465.00 5,465.00 0.00 0.00 0.00 IL NA 50 550 00 4,580.00 0.00 0.00 0.00 10.045.00 0.00 0.00 0.00 0.00 0.00 0.00 SALARY EXPENSE DEBIT 0.00 TOTAL 0.00 0.00 0.00 AMOUNT 0.00 0.00 0.00 NO 7219 7220 0.00 0.00 0.00 PAYROLL REGISTER FOR BIWEEKLY PERIOD ENDED February 26, 20- PAGE 13 178 PUNE DEDUCTION SOCIAL SECURITY MEDICARE " FEDERAL NCOME TAX TOTAL LARNING CK NO TAX NAME Hari TL Verkik BEGINNING TOTAL CUMULATIVE MOUR: LARNING 30 5,466.00 4,580.00 10.046.00 TAADILEALING ENDING CUMULATIV UNEMPLOY- SOCIAL C EARNINGS MENT SECURITY MEDICARE 5,465.00 0.00 2,840.00 2,840.00 4,500.00 0.00 0.00 0.00 2,840.00 2.840.00 TOTAL 0.00 0.00 0.00 NET AMOUNT 2,840.00 0,00 2.640.00 SALARY EXPENSE DEBET 2,840.00 0.00 7225 7226 0.00 0.00 0.00 0.00 0.00 2,840.00 CREDIT DEBIT 13,157 47 70.00 45,552.48 52,640.00 366.24 2.480.00 Fabulous Furnishings Post-Closing Trial Balance February 28, 20- ACCOUNT NAME Cash Petty Cash Fund Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Employees' Income Tax Payable FICA Social Security Tax Payable FICA Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Salaries Payable M. L. Langdon Capital 9,324.00 5,328.00 39,154.10 1,006.00 306.26 1,297.60 750.30 111.16 2,084.00 66,047.32 118,564.74 121,110.19 101 G2 LG 164 165 LG6 LG LGZ LOU 1630 scht WESHT WKSHT2S OE as PCINAL PAYROLL CHAPTER 12: FINANCIAL STATEMENTS, CLOSING ENTRIES, AND REVERSIN . Feb. 26 Recorded the payroll entry, crediting Salaries Payable. 26 Issued Ck. No. 7225, $2,335.74, to R. W. Harris. Issued Ck. No. 7226, $1,976.39, to T. L. Newkirk. Use two lines and debit Salaries Payable. 26 Ck. No. 7227 voided. 26 Recorded payroll taxes. Assume the following tax rates and taxable earnings: Federal unemployment taxable earnings, $7,000, with a rate of 0.6 percent. State unemployment taxable earnings. $7,000, with a rate of 5.4 percent. 27 Issued Ck No. 7228, $1,035, to JIT Freight Line for transportation charge on merchandise purchased from Kingston Fabrics. 28 Issued Ck. No. 7229, $155.60, payable to Cash to reimburse the petty cash fund. Petty cash payments consist of Supplies, $130.24, and Miscellaneous Expense, $25.36. 28 Cash sales for February 19 through February 28, $8,986.60. 28 Issued Ck. No. 7230, $2,290, to Global Rental Agency for monthly rent. M. L. Langdon (owner) withdrew $5,000 for personal use, Ck. No. 7231. 28 Feb. 5 Received an electric bill and paid Countywide Power, Ck. No. 6 Received check from Jason and Waldon, $10,780.51, in payment of account. 7 Issued Ck. No. 7218, 89,684.18, to Magnuson Textiles, in payment of its invoice no. RE64 for $9,782 less 1 percent discount. 9 Cash sales for February 1 through February 9, $9,745.40. 12 Recorded the payroll in the payroll register for regular biweekly salaries for period ended February 12. Salaries: R. W. Harris, $2,840; T. L. Newkirk, $2,374. Income tax withholdings are $287 for Harris and $216 for Newkirk. Assume the following tax rates and taxable earnings limits (see the payroll register for beginning cumulative earnings in your Working Papers. This information is also provided in CengageNow, or CLGL.): Social Security taxable earnings, $118,500, with a rate of 6.2 percent for employees and 6.2 percent for employers. Medicare taxable earnings, all earnings, with a rate of 1.45 percent (for both employees and employers). 12 Recorded the payroll entry, crediting Salaries Payable. 12 Issued Ck. No. 7219, $2,335.74, to R. W. Harris. Issued Ck. No. 7220, $1,976.39, to T. L. Newkirk. 12 Recorded payroll taxes. Assume the following tax rates and taxable earnings: Federal unemployment taxable earnings, $7,000, with a rate of 0.6 percent. State unemployment taxable earnings, $7,000, with a rate of 5.4 percent. 12 Received a credit memo from Magnuson Textiles for defective merchandise, $692, credit memo no. 916. . COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued) Fabulous Furnishings Balance Sheet February 28, 20- Assets Current Assets: Cash Petty Cash Fund Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Total Current Assets $13,157.47 70.00 45,552.48 45,484.00 366.24 2,270.00 $106,900.19 Property and Equipment: Equipment Lane Accumulated Danreciation LG LG2 LG9 LG4 LGS LGO LGS LG $ 9,324.00 1 RR5.00 WKSHTI WKSHT2 2111 nn BS LGB LG10 Schi IS POTBAL PAYI 16 Property and Equipment: Equipment Less Accumulated Depreciation Total Assets $ 9,324.00 1,885,00 8 2,111.00 $109,011.19 D Liabilities Current Liabilities: Accounts Payable Employees' Income Tax Payable FICA Social Security Tax Payable FICA Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Salarles Payable Total Liabilities $39,154,10 1,006.00 1,293.08 1,297.60 750.30 111.16 2,084.00 $ 45,696.24 Owner's Equity M. L. Langdon, Capital Total Liabilities and Owner's Equity 63,943.88 $109,640.12 US PETRAL PAROL PAGE 12 PAYMENT COMPREHENSIVE REVIEW PROBLEM (General Journal) (concluded) PAYROLL REGISTER FOR BIWEEKLY PERIOD ENDED February 12, 20- TACABLE LA DEDUCTION BEGINNING ENDING FEDERAL SOCIAL TOTAL CUMULATIVE TOTAL CUMULATIV UNEMPLOY SOCIAL INCOME SECURITY MEDICARE NAME HOURS EARNING EARNING LEARNING MENT SECURITY MEDICARE TAX TAX TAX RW Harr SO 5.465.00 5,465.00 0.00 0.00 0.00 IL NA 50 550 00 4,580.00 0.00 0.00 0.00 10.045.00 0.00 0.00 0.00 0.00 0.00 0.00 SALARY EXPENSE DEBIT 0.00 TOTAL 0.00 0.00 0.00 AMOUNT 0.00 0.00 0.00 NO 7219 7220 0.00 0.00 0.00 PAYROLL REGISTER FOR BIWEEKLY PERIOD ENDED February 26, 20- PAGE 13 178 PUNE DEDUCTION SOCIAL SECURITY MEDICARE " FEDERAL NCOME TAX TOTAL LARNING CK NO TAX NAME Hari TL Verkik BEGINNING TOTAL CUMULATIVE MOUR: LARNING 30 5,466.00 4,580.00 10.046.00 TAADILEALING ENDING CUMULATIV UNEMPLOY- SOCIAL C EARNINGS MENT SECURITY MEDICARE 5,465.00 0.00 2,840.00 2,840.00 4,500.00 0.00 0.00 0.00 2,840.00 2.840.00 TOTAL 0.00 0.00 0.00 NET AMOUNT 2,840.00 0,00 2.640.00 SALARY EXPENSE DEBET 2,840.00 0.00 7225 7226 0.00 0.00 0.00 0.00 0.00 2,840.00 CREDIT DEBIT 13,157 47 70.00 45,552.48 52,640.00 366.24 2.480.00 Fabulous Furnishings Post-Closing Trial Balance February 28, 20- ACCOUNT NAME Cash Petty Cash Fund Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Employees' Income Tax Payable FICA Social Security Tax Payable FICA Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Salaries Payable M. L. Langdon Capital 9,324.00 5,328.00 39,154.10 1,006.00 306.26 1,297.60 750.30 111.16 2,084.00 66,047.32 118,564.74 121,110.19 101 G2 LG 164 165 LG6 LG LGZ LOU 1630 scht WESHT WKSHT2S OE as PCINAL PAYROLL