The following information about the payroll for the week ended December 30 was obtained from the records
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Question:
Salaries: | Deductions: | ||
Sales salaries | $540,000 | Income tax withheld | $160,000 |
Warehouse salaries | 155,000 | U.S. savings bonds | 10,500 |
Office salaries | 85,000 | Group insurance | 9,000 |
$780,000 |
Tax rates assumed: | |||
Social security | 6% | State unemployment (employer only) | 5.4% |
Medicare | 1.5% | Federal unemployment (employer only) | 0.8% |
Required: | |||||
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):
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2. | Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Posted Date: