FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Hal's Heavenly Creations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with
the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no
employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending
February 14 is listed below.
Wages and salaries
Employee contribution to voluntary retirement plan
Medical insurance premiums paid by employer
Life insurance premiums paid by employer
Federal and state income tax withheld
Social Security tax rate
Medicare tax rate
Federal and state unemployment tax rate
Required:
1. Record the employee salary expense, withholdings, and salaries payable.
2. Record the employer-provided fringe benefits.
3. Record the employer payroll taxes.
Record the employer payroll taxes.
Note: Enter debits before credits.
Date
February 14
Record the employer-provided fringe benefits.
Date
February 14
...........
Note: Enter debits before credits.
<
1
Journal entry worksheet
General Journal
2
3
General Journal
Note: Enter debits before credits.
Date
February 14
Debit
Record the employee salary expense, withholdings, and salaries payable.
General Journal
Debit
Dabit Credit
Credit
Credit
$1,150,000
48,300
24,150
4,000
287,500
6.20%
1.45%
6.20%
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Transcribed Image Text:Hal's Heavenly Creations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld Social Security tax rate Medicare tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. Record the employer payroll taxes. Note: Enter debits before credits. Date February 14 Record the employer-provided fringe benefits. Date February 14 ........... Note: Enter debits before credits. < 1 Journal entry worksheet General Journal 2 3 General Journal Note: Enter debits before credits. Date February 14 Debit Record the employee salary expense, withholdings, and salaries payable. General Journal Debit Dabit Credit Credit Credit $1,150,000 48,300 24,150 4,000 287,500 6.20% 1.45% 6.20%
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