FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Example 4
Commission received in cash during 2020 was $1 000.
31 Dec 2019
31 Dec 2020
24
2$
In arrears
100
50
In advance
200
80
Required:
Prepare the commission income account for the year ended 31 December 2020.
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- 7arrow_forwardeBook Question Content Area Highridge Homes has the following payroll information for the week ended February 21: Name Earnings at End of Previous Week Daily Time Pay Rate Federal Income Tax S M T W T F S Arthur, P. 7,800.00 8 8 8 8 8 45.00 226.78 Bills, D. 2,060.00 8 8 8 8 8 12.50 26.00 Carney, W. 2,085.00 8 8 8 8 8 12.95 27.00 Dorn, J. 748.00 8 8 22.00 11.00 Edgar, L. 2,687.00 8 8 8 8 8 15.00 37.00 Fitzwilson, G. 4,150.00 8 8 8 8 8 8 23.00 125.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has…arrow_forwardQuestion 11 Cookie Ltd. receives a four-year, $100,000, zero-interest-bearing note. The present value of this note is $82,270. Interest income to be recognized for calendar 2021 will be O $8,227.00. O $10,000. O $7,910.75. O$4,319.18.arrow_forward
- M1arrow_forwardA5arrow_forwardExercise Al-9 Payment of payroll deductions LO3 Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 78,950.00 1,310.57 10,889.00 CPP 3,768.09 Medical Ins. United Way 1,475.00 1,644.00 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the remittance to the Receiver General for Canada. Note: Enter debits before credits. Date April 15 General Journal + Debit Credit View general journal Record entry Clear entryarrow_forward
- Please answerarrow_forwardS eBook Ask Print eferences Mc Graw Hill :: -WKCTC_....txt FI 2 W S KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and employer share combined) were as follows: X Social Security tax: $5,056.78 Medicare tax: $1,182.63 Employee Federal income tax: $3,960.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list A Journal entry worksheet 4² Record the remittance of August payroll taxes. Note: Enter debits before credits. # 3 1 E D Data C 8.0 F3 $ 4 JUL 22 R F a F4 V General Inurnal % 5 T F5 G 8 DII FB M 1 ( 9 K ران DD F9 O ) O A F10 L P Ⓡ command C F11 - 9 F12 optionarrow_forwardDIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…arrow_forward
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