SQU Company paid the weekly payroll on January 2 by debiting Wages Expense for $27,000. The accountant preparing the payroll entry overlooked the fact that Wages Expense of $16,200 had been accrued at year end on December 31. The correcting entry is
Q: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3…
A: Journal: Recording of a business transactions in a chronological order.
Q: Given the following data from the payroll register of Johnson Construction, prepare the journal…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: . The following totals for the month of April were taken from the payroll register of Sanson Corp.:…
A: Payroll expenses are expenses related with the salaries of the employees. For their accrual,…
Q: The following totals for the month of April were taken from the payroll records of Concord…
A: The entry to record the payroll expenses is Particulars Debit (in $) Credit (in $) Salaries…
Q: The payroll register for Gamble Company for the week ended April 29 indicated the following:…
A: Journal entry refers to the recording made by the business in the books of accounts, of all the…
Q: Sarasota Corp.'s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records…
A: An organization's payroll costs not just incorporate the wages paid to the representatives. In the…
Q: Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on…
A: Journal: Recording of a business transactions in a chronological order.
Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…
A: Salary refers to the amount that is paid to the employees/ workers for the services provided by them…
Q: he payroll records of Brownlee Company provided the following information for the weekly pay period…
A: The payroll register is the one in which all the details of the employees such as days and hours…
Q: n the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,…
A:
Q: The payroll register for Gentry Company for the week ended December 17 indicated the following:…
A: If a business has employees, it has to record for payroll. Payroll is the aggregate expenditure on…
Q: he following information about the payroll for the week ended December 30 was obtained from the…
A: Payroll taxes are charges forced on employers or workers and are typically determined as a level of…
Q: On March 31, the Federal Unemployment Tax Payable account in the general ledger of The Argosy…
A: The journal entry is the primary reporting of the transactions of a business in the books of an…
Q: Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five…
A: JOURNAL ENTRY ON 31 AUGUST , 2022 : DATE PARTICULARS DEBIT ($) CREDIT ($) 31/08/2022 WAGES /…
Q: The following totals for the month of April were taken from the payroll register of Waterway…
A: Definition: Payroll tax: The costs incurred by an employer to pay the employee for his labor,…
Q: In January, the payroll supervisor determines that gross earnings for Sheridan Company are $68,000.…
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: Given the following data from the payroll register of Johnson Construction, prepare the journal…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: The following totals for the month of April were taken from the payroll records of Teal Mountain…
A: The question we have all the data gets associated with salaries and Wages in which we would like to…
Q: Highridge Homes has the following payroll information for the week ended February 21: Name…
A: Following is the summary of gross pay:
Q: The following is a payroll register for Brown and Associates, for the week ended February 20:…
A: Given that: Salaries = $1,250,000 Social Security Tax Withheld = $75,000 Medicare Tax Withheld =…
Q: The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI…
A: Given gross pay = $7,475 In order to record accrued expenses, the expense which has been incurred…
Q: The payroll registers for Schmidt Company for the week ended April 29 indicated the following:…
A:
Q: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3…
A: Payroll records are archives or documents that have anything to do with an employee's check. The…
Q: Thomas Longbow is the only employee of Presido, Incorporated During the first week of January,…
A: Amount of Employee Payroll Check= Income Earned - Federal and State withholding tax - FICA…
Q: In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,…
A: SOLUTION- NOTE- 1-FICA TAX PAYABLE -OASDI RATE IS 6.2% OF WAGES AND SALARIES PAID 2-FICA TAX…
Q: In January, the payroll supervisor determines that gross earnings for Sandhill Company are $108,000.…
A: Social Security tax = Gross Earnings x Social Security tax rate = $108000*6.20% = $6,696 Medicare…
Q: The following totals for the month of April were taken from the payroll register of Magnum Company.…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Accounting The following totals for the month of June were taken from the payroll register of Mike…
A: Answer:- Net Payroll meaning:- Net payroll can be defined as the amount taken home by the employees…
Q: The payroll records of Brownlee Company provided the following information for the weekly pay period…
A:
Q: The following totals for the month of April were taken from the payroll register of Magnum Company:…
A: Journal entry is the primary chronicling of the transactions in the books.
Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…
A: Journal: Recording of a business transactions in a chronological order.
Q: The following information about the payroll for the week ended December 30 was obtained from the…
A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…
Q: Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the…
A: Payroll accounting can be defined as the branch under the accounting system which records the…
Q: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3…
A: Salaries for the last of December belongs to that year and will be recorded as an expense on…
Q: totals for the month of April were taken from the payroll register of Omar Company. Salaries and…
A: In the journal entry for the payroll expense, the salary and wages expense is debited, all the taxes…
Q: According to the accountant of Metlock, Inc., its payroll taxes for the week were as follows:…
A: Accrued liabilities means liabilities which are due in current period, but not yet paid. These…
Q: In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000.…
A: Journal entry: It is prepared to record the financial and non financial transactions of the business…
Q: The payroll register for Schmidt Company for the week ended April 29 indicated the following:…
A: Journal entries for recording the payroll and payroll tax for April 29.
Q: According to a payroll register summary of Swifty Company, the amount of employees' gross pay in…
A: Payroll tax expense = FICA taxes payable + State unemployment taxes payable + Federal unemployment…
Q: Bart Consulting Firm has the following payroll information for the week ended March 20th: Name…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: Riverside Company completed the following two transactions. The annual accounting period…
A: Payroll expenses include wages paid to employees in an accounting period as well as various…
Q: The following totals for the month of April were taken from the payroll register of Magnum Company.…
A: Payroll Tax Expense = FICA taxes payable + Federal unemployment taxes Payable + State unemployment…
Q: The following totals for the month of April were taken from the payroll register of Magnum Company.…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: The following totals for the month of April were compiled from the payroll data of Magnum Company:…
A: Date Accounts Debit Credit Payroll Tax Expense $1,170 FICA taxes Payable $750…
Q: The following information about the payroll for the week ended December 30 was obtained from the…
A: Please find the answers to the above questions below:
Q: The following totals for the month of April were taken from the payroll records of Nash's Trading…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: The following information about the payroll for the week ended December 30 was obtained from the…
A: 1a.Prepare journal entry to record the payroll on December 30.
Q: The payroll register for D. Salah Company for the week ended May 18 indicated the following:…
A: Payroll tax expenses are the expenses which is related to payroll of an employee deduct by the…
SQU Company paid the weekly payroll on January 2 by debiting Wages Expense for $27,000. The accountant preparing the payroll entry overlooked the fact that Wages Expense of $16,200 had been accrued at year end on December 31. The correcting entry is
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on the first payday in January, totaling $15,000, are actually for hours worked in December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.
- The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. REQUIRED 1. a. Prepare the journal entry for payment of this payroll on March 31, 20--. b. Prepare the journal entry for the employers payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement ( 1 ) were made: a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.Adams, Inc., pays its employees weekly wages in cash. A supplementary payroll sheet that lists the employees names and their earnings for a certain week is shown below. Complete the payroll sheet by calculating the total amount of payroll and indicating the least possible number of denominations that can be used in paying each employee. However, no employees are to be given bills in denominations greater than 20.
- In January, the payroll supervisor determines that gross earnings for Concord Company are $84,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.60% federal unemployment taxes. (b) Record the employer's payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 125.) Account Titles and Explanation Debit Credit [Reviewing payroll records indicates that employee salaries that are due to be paid on January 3include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payableaccount at that time. Based on the information provided, make the December 31 adjusting journal entry tobring the balances to correct.According to the accountant of Sheridan Inc., its payroll taxes for the week were as follows: $132.00 for FICA taxes, $13,20 for federal unemployment taxes, and $92.40 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit
- The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $3,260. Required: Prepare the journal entry for the period's payroll. Refer to the Chart of Accounts for exact wording of account titles. Prepare the journal entry for the period's payroll on December 31. Refer to the Chart of Accounts for exact wording of account titles.In January, the payroll supervisor determines that gross earnings for Sheridan Company are $68,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Sheridan asks you to record a journal entry for the employer payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 12.25.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amountAccording to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $137.68 for FICA taxes, $13.77 for federal unemployment taxes, and $92.93 for state unemployment taxes.Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 10.50.)