Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 4.30EX
Appendix 2
Entries posted to wages expense account
Portions of the wages expense account of a business follow:
| Account | Wages | Expense | Account No. 53 | |||
| Date | Item | Post. Ref. | Dr. | Cr. | Balance | |
| Dr. | Cr. | |||||
| 2017 Dec. 26 | (1) | 125 | 15,400 | 800,000 | ||
| 31 | (2) | 126 | 9,250 | 809,250 | ||
| 31 | (3) | 127 | 809,250 | — | — | |
| 2018 Jan. 1 | (4) | 128 | 9,250 | 9,250 | ||
| 2 | (5) | 129 | 14,800 | 5,550 | ||
A. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.
B. Journalize the complete entry from which each numbered posting was made.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
ll Register, Employee Earnings Record, a...
Required information
[The following information applies to the questions displayed below.]
Alanis Morgan owns White Mountain Assessments in Laconia, New Hampshire. The standard workweek is 40 hours. Use
the wage bracket method in the federal tax table from Appendix C. No employee has exceeded the Social Security tax
wage base. All employees submitted a 2021 Form W-4, and no box was checked in Step 2. (Round your intermediate
calculations and final answers to 2 decimal places.)
View transaction list
Saved
lournal entry worksheet
Required:
Using the employee payroll entry from Problem 7-3A, complete the General Journal entry for the issuance of the pay for the
September 10 payroll end date. The date of the checks is September 15, 2021. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field.)
Help
3
P
O
Save &
ull Zain JO ?
6:10 PM
@ 42% 4
Manar
Select
44 Photos
l paiall e agama yb 31714120009
SIS AND DESIGN OF-2020/2019-3-3
ACCOUNTING INFORMATION SYSTE
Summer Semster
ANALYSIS AND DESIGN OF ACCOUNTING INFORMATION SYSTEMS(2)-1-2020
الامتحان النصفي
Which entity is most likely to be part of both the payroll cycle
Pand the expenditure cycle
اختراحد الخيارات
a. Disburse Cash
8.
b. Receive Goods
.c. Inventory o
12
d. Customer0
16
20
0:1
تم دخولك بصفة 09 0 31714120 طارق محمود عبد المنعم السلاق )خروج(
SIS AND DESIGN OF ACCOUNTING INFORMATION SYSTEMS(2)-1-2020/2019-3-3
انتقل إلى السمة القالب المعيارياة
6:29 PM
uprattempt=Y
paiall c 3gas By la 31714120009
Login
S Chapter T2: Payrol
A ezto.mheducation.com/hm.tpx
Summary - Quizizz
O Summary - Quizizz
O Geometry Unit 3 St.
aSummary -Quiz
E Apps 6 Harford County Pu. starthcps.org
10.
Robert LaClerq is paid a regular wage of $9.50 an hour, overtime at the rate of 12 times the regular rate for
all hours worked over 8 in any weekday, and overtime at the rate of 2 times the regular rate for hours
worked on Saturdays, Sundays, and holidays. During the week ended February 14, LaClerq worked the
following days and hours.
Calculate the regular hours worked and the overtime hours worked. Then answer the questions that follow.
Total Hours
Worked
Regular
Hours
Overtime
Hours
Day
Monday
7.
Tuesday
10
8
Wednesday
8.
8
Thursday
10
8
Friday
11
8
Saturday
2
2
48
41
1. How many regular hours did Mr. LaClerq work?
Regular Hours
41
O Search for anything
W
DELL
SC
F2
F3
F4
F6
F7
F8
F9
%23
&
7
8.
E
R
立
Chapter 4 Solutions
Corporate Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.4BECh. 4 - Accounting cycle From the following list of steps...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Rainbow Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Prob. 4.26EXCh. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Prob. 4.3BPRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 4.3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Prob. 4.1TIFCh. 4 - Communication Your friend, Daniel Nat, recently...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Q3 JE # 1 JE # 2 Here are the month-end balances from Payroll Reports PTO Liability Here is from the payroll report. PTO payout due to termination on 01/15/2020 Prepare a JE to record PTO Payout paid on 01/15/2020 Date How much was the PTO Expense in Jan 2020? Prepare a JE to record the PTO Accrual Date 3,000.00 GL Account Name GL Account Name 12/31/2019 Balan 01/31/2020 Balance 13,000.00 12,000.00 Debit Debit Credit Creditarrow_forwardNo Service 2:56 AM 1Ca 19%0 S Assignment A ,04A.ALGO Journalizing Payroll Transactions 05A.ALGO On December 31, the payroll register of Hamstreet .06A.ALGO Associates indicated the following information: Wages and Salaries Expense $8,700.00 Employee Federal Income Tax Payable 940.00 United Way Contributions Payable 220.00 Earnings subject to Social Security tax 7,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax $4 471 x Medicare Tax 126 X 2. Record the journal entry for the payroll, crediting Cash for the net pay. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- х 1 Dec. 31 2 х 2 3 х з 4 X 4 5 X 5 6 х 6 Payroll for week ended December 31 AA v2.cengagenow.comarrow_forwardTransaction Transaction Employee Customer ID Date ID ID 1 2/3/2022 178 5071 2 2/6/2022 157 5813 3 2/11/2022 183 5013 4 2/14/2022 157 5348 5 2/19/2022 178 5071 Required: Create a query that shows the number of transactions processed by each employeearrow_forward
- JOURNAL Page 43 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Nov. 6 Payroll Cash 12 12,296.97 Cash 11 12,296.97 6 Administrative Salaries 51 2,307.69 Office Salaries 52 4,677.85 Sales Salaries 53 3,600.00 Plant Wages 54 4,898.00 FICA Taxes Payable - OASDI 20.1 959.99 FICA Taxes Payable - HI 20.2 224.53 Employees FIT Payable 24 902.00 Employees SIT Payable 25 475.37 Employees SUTA Payable 25.1 9.27 Employees CIT Payable 26 599.41 Union Dues Payable 28 16.00 Payroll Cash 12 12,296.97 6 Payroll Taxes 56 1,362.30 FICA Taxes Payable - OASDI 20.1 959.98 FICA Taxes Payable - HI 20.2 224.51 SUTA Taxes Payable - Employer 22 177.81 13 Payroll Cash 12 1,570.27 Cash 11 1,570.27 1. What is the total gross…arrow_forwardeBook Chart of Accounts Payroll Register General Journal Instructions NO. OI Mallal TOLAI HOUIS TOlal Eamings Name Allowances Status Worked Feb. 9-15 Rate Jan. 1-Feb. 8 Barone, William 40 $14.00 $3,360.00 Hastings, Gene 4 M 45 15.00 3,870.00 Nitobe, Isako 3) 46 12.00 3,168.00 Smith, Judy M. 42 13.00 3,276.00 2. Tarshis, Dolores S. 39 14.50 3,480.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%, Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Hastings and Smith have $35 withheld and Nitobe and Tarshis have $15 withheld for health insurance. Nitobe and Tarshis have $25 withheld to be invested in the bakers' credit union. Hastings has $18.75 withheld and Smith has $43.75 withheld under a savings bond purchase plan. Karen's Cupcakes' payroll is met by drawing checks on its regular bank account. The checks were issued in sequence, beginning with No. 365. Required: 1. Prepare a…arrow_forward_____ 1. 1. Employees earnings record A. Expense account for FICA, FUTA, and SUTA taxes on the employer _____ 2. 2. Pay cards B. Legal procedure by which a portion of the wages of any person is withheld for payment of a debt _____ 3. 3. Disposable earnings C. Debit card-based accounts _____ 4. 4. Regular earnings plus overtime earnings D. Notifies employer of a tax levy _____ 5. 5. Payroll Taxes E. Used to complete Form W-2 _____ 6. 6. Overtime premium earnings F. Provides information needed in preparing the journal entries for payroll _____ 7. 7. Wages Payable G. Debit portion of payroll entry _____ 8. 8. Payroll register H. Earnings remaining after withholding for income taxes and for other amounts required by law _____ 9. 9. Form 668-W I. One-half regular pay rate multiplied by overtime hours _____ 10. 10. Garnishment J. Liability account for wages that have been earned by employees but not yet paidarrow_forward
- Portions of the salaries expense account of a business follow: Account Salaries Expense Account No. 62 Balance Post. Ref. Date Item Dr. Cr. Dr. Cr. 2018 Dec.27 (1) 29 22,000 1,200,000 1,213,200 (2) 13,200 31 30 1,213,200 (3) 31 31 2019 Jan. 1 (4) 32 13,200 13,200 (5) 33 10,800 2 24,000 a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to J. McHenry, Capital.arrow_forwardJOURNAL Page 42 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Oct. 23 Administrative Salaries 51 2,307.69 Office Salaries 52 4,723.08 Sales Salaries 53 3,600.00 Plant Wages 54 5,219.60 FICA Taxes Payable - OASDI 20.1 982.72 FICA Taxes Payable - HI 20.2 229.84 Employees FIT Payable 24 871.00 Employees SIT Payable 25 486.63 Employees SUTA Payable 25.1 9.50 Employees CIT Payable 26 613.60 Group Insurance Premiums Collected 27 182.10 Union Dues Payable 28 16.00 Payroll Cash 12 12,458.98 23 Payroll Taxes 56 1,395.19 FICA Taxes Payable - OASDI 20.1 982.72 FICA Taxes Payable - HI 20.2 229.83 FUTA Taxes Payable 21 3.72 SUTA Taxes Payable - Employer 22 178.92 Nov. 4 Employees SIT Payable 25 486.63 Cash 11 486.63 6 Union Dues…arrow_forwardView transaction list Journal entry worksheet 1 2 3 4 5 6 > Wages of $11,000 are earned by workers but not paid as of December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journalarrow_forward
- Employees' Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Employee Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Totals $ Gross Pay $ 760 650 870 1,740 $4,020 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round interme calculations. Round the final answers to 2 decimal places.) Q Search Pay 760.00 650.00 870.00 1,740.00 $ 4,020.00 Week $12,510 10,800 142.15 16,060 Taxes Deductions $168.20 $26.00 26.00 25.00 26.00 194.75 29,980 468.75 El Premium $973.85 $103.00 $ Deductions Income Taxes 168.20 142.15 194.75 468.75 $ 973.85 CPP Health Insurance $ 26.00 26.00 25.00 26.00 $ 103.00 BE Total Deductions Net Pay ENG USarrow_forwardOn January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…arrow_forwardExample 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable-OASDI 1,535.29 FICA Taxes Payable-HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable-OASDI 1,535.29 FICA able-HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a compound transaction, if an amount box does not require an entry, leave it…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY