Listed below are the transactions of Joseph Moore, D.D.S., for the month of September.Sept. 1244581014181920253030Moore begins practice as a dentist, invests $20,030 cash and issues 2,003 shares of $10 par stock.Purchases dental equipment on account from Green Jacket Co. for $17,820.Pays rent for office space, $690 for the month.Employs a receptionist, Michael Bradley.Purchases dental supplies for cash, $900.Receives cash of $1,770 from patients for services performed.Pays miscellaneous office expenses, $420.Bills patients $5,950 for services performed.Pays Green Jacket Co. on account, $3,760.Pays a dividend of $3,090 cash.Receives $1,060 from patients on account.Bills patients $1,980 for services performed.Pays the following expenses in cash: Salaries and wages $1,700; miscellaneous office expenses $83.Dental supplies used during September, $320.Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post entries in the order displayed inthe problem statement.)CashAccounts ReceivableRent ExpenseSuppliesOffice ExpenseSalaries and Wages ExpenseSupplies Expense<<<

Journal entries recording is initial step in accounting cycle process under which atleast one…

Answered: Enter the transactions shown above in…

Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post entries in the order displayed in the problem statement.) Cash <

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Cascade include the following: Account Number Title Balance on June 1 101 Cash $71,200 211 Employee Federal Income Tax Payable 3,555 212 Social Security Tax Payable 5,135 213 Medicare Tax Payable 1,181 218 Savings Bond Deductions Payable 1,225 221 FUTA Tax Payable 592 222 SUTA Tax Payable 3,996 511 Wages and Salaries Expense 0 530 Payroll Taxes Expense 0 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,871 covering the following May taxes: Social Security tax $5,135 Medicare tax 1,181 Employee federal income tax withheld 3,555 Total $9,871 30 June payroll: Total wages and salaries expense $46,000 Less amounts withheld: Social Security tax $2,852 Medicare tax 667…
Lana Powell has cumulative earnings of $116,000 at the end of September. In the first week in October she earns $2,000. The amount deducted for Social Security and Medicare from her check is (assume Social Security rate of 6.2% on $118,500 and Medicare of 1.45%):
Lana Powell has cumulative earnings of $132,800 at the end of September. In the first week in October she earns $2,000. The amount deducted for Social Security and Medicare from her check is (assume Social Security rate of 6.2% on $132,900 income limit and Medicare of 1.45%): $29.00 $35.20 $53.20 $92.00 O None of these
The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmed M. Petrova Semimonthly Salary $ $ $ $ $ $ 9,511 6,711 7,350 7,800 10,300 8,650 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date
An employee of Company x received the following loans (rate and amount) from their employer on January 1, this year: 7%, $15,000 loan to consolidate debts 5%, $100,000 loan to purchase a home The following are the prescribed rates for this year: Q1 8%, Q2 6%, Q3 9%, Q4 7% The employee paid interest on the loans on January 15, of the following year. Required: Calculate the total interest benefit (to be included in income). Ignore any leap year impacts. ATotal interest as per the prescribed rates $8,375 B Total interest as per the prescribed rates $8,627 CTotal interest as per the prescribed rates $8,375 $6,050; total interest benefit $2,325 DTotal interest as per the prescribed rates $8,627 $6,050; total interest benefit $2,577 ***ANSWERD Total interest as per the prescribed rates $8,627; total interest paid $6,050; total interest benefit $2,577 IS INCORRECT***
Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
Prepare the journal entries for the following transactions, provided the chart accounts below: DATE:APRIL 2022TransactionsApril 01 -Completion of a denture worth 6,000 April 02 - Received 7,000 in total from appointed patients for the whole dayApril 03 -received 7,000 in total from appointed patients for the whole dayApril 04 -received 2,500 in total from appointed patientsApril 05- paid 36,000 for car loan for business/personal useApril 06- received 1,500 from one patient that dayApril 07 -received 3,000 from appointed patients that dayApril 08- purchased dental supplies, 4,500April 09- received 4,000 from appointed patients April 10-received 3,000 in total from appointed patients April 11-received 1,500 from one patient that dayApril 12-paid 10,000 for dental laboratory feeApril 13-received 20,000 from a prosthodontic caseApril 15-paid 13,000 for a lot for future investment/businessApril 15 -paid 7,500 for dental assistantApril 16-received 2500 in total from appointed patientsApril…
The Modica Spa pays its employees time and half for all hours in excess of 40 hours per week. Employees are paid every Friday. The following information is from the payroll register for December 4. All employees are single. Number the checks beginning with 213. Compute the Federal Income Tax withholding by using Figure 8-4a and Figure 8-4b. Name HoursWorked PayRate # ofAllowances HealthInsurance UnitedWay CumulativeEarnings J. Cali 41 $10.00 0 $25 $15,936 D. Allen 42 9.00 1 25 18,576 K. Marri 39 12.00 2 25 22,464 R. Matso 44 600/wk 2 25 $10 31,137 T. Willis 40 795/wk 3 25 15 87,300 The Social Security tax rate is 6.2% and the Medicare tax rate is 1.45%. 1. Complete the payroll register for this pay period. Round your answers to the nearest cent. (the image) 2. Journalize the entry for payroll for this pay period. If an amount box does not require an entry, leave it blank. Page: 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Dec. 4 1 2…
John Smith works 40 hours for ABC Corp. for $15 per hour. Required payroll deductions are: Social Security $37.20; Medicare $8.70; Federal Income Tax $58; and State Income Tax $10. Assuming the payroll deductions are paid in the following month, ABC would record John's pay with a journal entry that includes a ______. (Check all that apply.) Multiple select question. debit to Salaries and Wages Expense of $486.10 credit to Cash of $486.10 credit to State and Federal Income Tax Payable of $68 debit to Salaries and Wages Expense of $600 credit to FICA (Social Security and Medicare) Payable of $45.90
Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $7,208. Payroll for the month of May is as follows: • FICA Social Security tax rate at 6.2% FICA Medicare tax rate at 1.45% Federal income tax of $400 • State income tax of $75 Health-care insurance premium of $298 • Union dues of $50 • The employee is responsible for covering 14% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals. # No new data to save. Last checked at 11:47pm Submit C
12. An industrial salesperson has weekly earnings of $572. He is married and claims four withholding allowances. His deductions include FICA, Medicare, federal withholding, state disability insurance, state withholding, union dues of $15.50, and credit union savings of $200. Find his net pay for a week in February. Use the percentage method of withholding, a FICA rate of 6.2%, a Medicare rate of 1.45%, an SDI rate of 1%, and a state withholding tax of 3.4%.
Тахes Tophat Inc. employs one person to run its consulting company. The employee's gross income for the month of June is $6,000. Payroll for the month of June is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of her own health insurance premium. Required 4. Record the joumal entry to recognize employee payroll for the month of June, dated June 30, 2020 and rec remittance of the employee's salary with cash on August 1. Date General Journal DR CR 30-Jun 1-Aug Contingent Liabilities Jeramiah Co has a pending lawsuit against the company claiming $2,700 in damages, The lawsuit is considered probable to favor the plaintiff and can be reasonably estimated on December 31, 20: Required 5. Record the joumal entry, if necessary, to the lawsuit. Date General Journal DR CR 31-Dec