FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Payroll Entries
Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll p…
Question

Qw0006

These payroll liability accounts are included in the ledger of Vaughn Company on January 1, 2022. FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $730.00 1.185.00 In January, the following transactions occurred. Jan 10 Sent check for $835.00 to union treasurer for union dues. 12 15 17 20 31 31 1. 2. 110.00 295.00 1,960.00 835.00 400.00 Remitted check for $1,915.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. Purchased U.S. Savings Bonds for employees by writing check for $400.00 Paid state income taxes withheld from employees. Paid federal and state unemployment taxes. Completed monthly payroll register, which shows salaries and wages $56.000.00, FICA taxes withheld $4,284.00, federal income taxes payable $2.085.00, state income taxes payable $410.00, union dues payable $380.00, United Fund contributions payable $1,830.00, and net pay $47.011.00. Prepared payroll checks for the net pay and distributed checks to employees. At January 31, the company also makes the following accrued adjustments pertaining to employee compensation. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.6%, and state unemployment taxes 5.4% Vacation pay: 6% of gross earnings
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Transcribed Image Text:These payroll liability accounts are included in the ledger of Vaughn Company on January 1, 2022. FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $730.00 1.185.00 In January, the following transactions occurred. Jan 10 Sent check for $835.00 to union treasurer for union dues. 12 15 17 20 31 31 1. 2. 110.00 295.00 1,960.00 835.00 400.00 Remitted check for $1,915.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. Purchased U.S. Savings Bonds for employees by writing check for $400.00 Paid state income taxes withheld from employees. Paid federal and state unemployment taxes. Completed monthly payroll register, which shows salaries and wages $56.000.00, FICA taxes withheld $4,284.00, federal income taxes payable $2.085.00, state income taxes payable $410.00, union dues payable $380.00, United Fund contributions payable $1,830.00, and net pay $47.011.00. Prepared payroll checks for the net pay and distributed checks to employees. At January 31, the company also makes the following accrued adjustments pertaining to employee compensation. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.6%, and state unemployment taxes 5.4% Vacation pay: 6% of gross earnings
(b) Journalize the adjustments pertaining to employee compensation at January 31. (Round answers to 2 decimal places, e.g. 15.50. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. 1. 2. Date O Save for Later O Account Titles and Explanation (To record employee payroll taxes.) (To record vacation pay) eTextbook and Media List of Accounts Debit Credit Attempts: 0 of 2 used Submit Answer
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Transcribed Image Text:(b) Journalize the adjustments pertaining to employee compensation at January 31. (Round answers to 2 decimal places, e.g. 15.50. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. 1. 2. Date O Save for Later O Account Titles and Explanation (To record employee payroll taxes.) (To record vacation pay) eTextbook and Media List of Accounts Debit Credit Attempts: 0 of 2 used Submit Answer
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