Beamon Corporation had the following payroll for April: Officers' salaries $34,000 Sales salaries 68,000 Federal income taxes withheld 21,000 FICA taxes withheld 9,500 Health insurance premiums withheld 1,800 Union dues withheld 1,400 Salaries (included above) subject to federal unemployment taxes 57,000 Salaries (included above) subject to state unemployment taxes 62,000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.) d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.) Part A Part B Part C Part D General Journal Date Description Debit Credit Apr.30 Answer Answer Answer Sales Salaries Expense Answer Answer Answer Answer Answer FICA Tax Payable Answer Answer Health Insurance Premiums Payable Answer Answer Union Dues Payable Answer Answer Payroll Payable Answer Answer To record April payroll. Part B Apr.30 Answer Answer Answer Answer Answer Answer To pay net payroll for April. PreviousSave AnswersNext Part C General Journal Date Description Debit Credit Apr.30 Answer Answer Answer FICA Tax Payable Answer Answer Answer Answer Answer State Unemployment Tax Payable Answer Answer To record employer's April payroll taxes. PreviousSave AnswersNext Part D General Journal Date Description Debit Credit Apr.30 Federal Income Tax Withholding Payable Answer Answer FICA Tax Payable Answer Answer Answer Answer Answer Union Dues Payable Answer Answer Federal Unemployment Tax Payable Answer Answer State Unemployment Tax Payable Answer Answer Answer Answer Answer To pay liabilities related to April payroll. PreviousSave AnswersNext

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 3E

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Question

Beamon Corporation had the following payroll for April:

Officers' salaries	$34,000
Sales salaries	68,000
Federal income taxes withheld	21,000
FICA taxes withheld	9,500
Health insurance premiums withheld	1,800
Union dues withheld	1,400
Salaries (included above) subject to federal unemployment taxes	57,000
Salaries (included above) subject to state unemployment taxes	62,000

Required
Prepare journal entries on April 30 to record:
a. Accrual of the monthly payroll.
b. Payment of the net payroll.
c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.)
d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.)

Part A
Part B
Part C
Part D

General Journal
Date	Description	Debit	Credit
Apr.30	Answer	Answer	Answer
	Sales Salaries Expense	Answer	Answer
	Answer	Answer	Answer
	FICA Tax Payable	Answer	Answer
	Health Insurance Premiums Payable	Answer	Answer
	Union Dues Payable	Answer	Answer
	Payroll Payable	Answer	Answer
	To record April payroll.

Part B

Apr.30	Answer	Answer	Answer
	Answer	Answer	Answer
	To pay net payroll for April.

PreviousSave AnswersNext

Part C

General Journal
Date	Description	Debit	Credit
Apr.30	Answer	Answer	Answer
	FICA Tax Payable	Answer	Answer
	Answer	Answer	Answer
	State Unemployment Tax Payable	Answer	Answer
	To record employer's April payroll taxes.

PreviousSave AnswersNext

Part D

General Journal
Date	Description	Debit	Credit
Apr.30	Federal Income Tax Withholding Payable	Answer	Answer
	FICA Tax Payable	Answer	Answer
	Answer	Answer	Answer
	Union Dues Payable	Answer	Answer
	Federal Unemployment Tax Payable	Answer	Answer
	State Unemployment Tax Payable	Answer	Answer
	Answer	Answer	Answer
	To pay liabilities related to April payroll.

PreviousSave AnswersNext

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