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…
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Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan. For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation March 28 (To record payment of salaries and wages expense) (To record company portion of pension benefit expense) Debit T Credit
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Transcribed Image Text:Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan. For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation March 28 (To record payment of salaries and wages expense) (To record company portion of pension benefit expense) Debit T Credit
Sunland Corporation provides a defined contribution pension plan for its employees. Under the plan, the company deducts 4% of each employee's gross pay for each bi-weekly pay period. The company then contributes 6% of the employees' gross pay to the pension plan. The combined contributions are then submitted to the pension trustee within 10 days of the end of the month in which the pay was earned. For the first pay period of March (from Sunday March 1 to March 14, 2023), Sunland's total gross payroll was $302,000. Total gross payroll for the period March 15 through March 28, 2023, was $322,000. The total anticipated payroll for the period March 29 through April 10, 2023, was $311,000 (employees worked Monday through Friday each week). On April 10, 2023, Sunland submitted the pension contributions to the trustee for the month of March (including accruals up to and including March 31).
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Transcribed Image Text:Sunland Corporation provides a defined contribution pension plan for its employees. Under the plan, the company deducts 4% of each employee's gross pay for each bi-weekly pay period. The company then contributes 6% of the employees' gross pay to the pension plan. The combined contributions are then submitted to the pension trustee within 10 days of the end of the month in which the pay was earned. For the first pay period of March (from Sunday March 1 to March 14, 2023), Sunland's total gross payroll was $302,000. Total gross payroll for the period March 15 through March 28, 2023, was $322,000. The total anticipated payroll for the period March 29 through April 10, 2023, was $311,000 (employees worked Monday through Friday each week). On April 10, 2023, Sunland submitted the pension contributions to the trustee for the month of March (including accruals up to and including March 31).
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