Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a Januarypay period, Helen works 47 hours. Helen's federal income tax withholding is $86.00, and she has no voluntary deductions. Assume thatthe FICA tax rate is 7.65%.Prepare the employer's journal entries to record (a) Helen's pay for the period and (b) the payment of Helen's wages. Use January 15for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries.Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts.)No. Date Account Titles and Explanation(a)(b)Jan. 15Jan. 15DebitCredit

Gross pay is employees' earnings before making any deductions like taxes, benefits and other payroll…

Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a Janu pay period, Helen works 47 hours. Helen's federal income tax withholding is $86.00, and she has no voluntary deductions. Assume the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Helen's pay for the period and (b) the payment of Helen's wages. Use January 1 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit ent Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo the account titles and enter o for the amounts.) No. Date Account Titles and Explanation (a) Jan. 15 Debit Credit

Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a Janu pay period, Helen works 47 hours. Helen's federal income tax withholding is $86.00, and she has no voluntary deductions. Assume the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Helen's pay for the period and (b) the payment of Helen's wages. Use January 1 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit ent Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo the account titles and enter o for the amounts.) No. Date Account Titles and Explanation (a) Jan. 15 Debit Credit

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 5PA

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