College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 8, Problem 7SEB
PAYROLL JOURN AL ENTRY Journalize the following data taken from the payroll register of Himes Bakery as of June 12, 20--:
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Journalize the company payroll for the semimonthly period ending on August 31.
Journalize the payment of total payroll and deductions using the totals from the payroll register.
2. Payroll will be paid with check number 1152.
Completed payroll register attached.
JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has fiveemployees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.The accounts kept by Oxford Company include the following:
Required1. Journalize the preceding transactions using a general journal.2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.
JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade Company has fouremployees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.The accounts kept by Cascade include the following:
Required1. Journalize the preceding transactions using a general journal.2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.
Chapter 8 Solutions
College Accounting, Chapters 1-27
Ch. 8 - Prob. 1TFCh. 8 - Prob. 2TFCh. 8 - Prob. 3TFCh. 8 - Prob. 4TFCh. 8 - A payroll register is a multi-column form used to...Ch. 8 - Prob. 1MCCh. 8 - Prob. 2MCCh. 8 - Prob. 3MCCh. 8 - Prob. 4MCCh. 8 - Social Security Tax Payable and Medicare Tax...
Ch. 8 - Prob. 1CECh. 8 - Prob. 2CECh. 8 - Prob. 1RQCh. 8 - Prob. 2RQCh. 8 - Identify the four factors that determine the...Ch. 8 - Prob. 4RQCh. 8 - Prob. 5RQCh. 8 - Prob. 6RQCh. 8 - Prob. 7RQCh. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - Prob. 10RQCh. 8 - Prob. 1SEACh. 8 - COMPUTING OVERTI ME RATE OF PAY AND GROSS WEEKLY...Ch. 8 - Prob. 3SEACh. 8 - CALCUL ATING SOCIAL SECURITY AND MEDICARE TAXES...Ch. 8 - Prob. 5SEACh. 8 - JOURNALIZING PAYROLL TRANSACTIONS On December 31,...Ch. 8 - PAYROLL JOURNAL ENTRY Journalize the following...Ch. 8 - Prob. 8SPACh. 8 - PAYROLL REGISTER AND PAYROLL JOURNAL ENTRY Mary...Ch. 8 - EMPLOYEE EARNINGS RECORD Marys Luxury Travel in...Ch. 8 - COMPUTING WEEKLY GROSS PAY Manuel Sotos regular...Ch. 8 - Prob. 2SEBCh. 8 - Prob. 3SEBCh. 8 - CALCULATING SOCIAL SECURITY AND MEDICARE TAXES...Ch. 8 - Prob. 5SEBCh. 8 - JOURNALIZING PAYROLL TRANSACTIONS On November 30,...Ch. 8 - PAYROLL JOURN AL ENTRY Journalize the following...Ch. 8 - Prob. 8SPBCh. 8 - Prob. 9SPBCh. 8 - Prob. 10SPBCh. 8 - Prob. 1MYWCh. 8 - Prob. 1ECCh. 8 - Prob. 1MPCh. 8 - Prob. 1CP
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- PAYROLL JOURNAL ENTRY Journalize the following data taken from the payroll register of Copy Masters as of April 15, 20:arrow_forwardThe totals from the payroll register of Olt Company for the week of January 25 show: Journalize the entry to record the payroll of January 25.arrow_forwardGiven the following data from the payroll register of Johnson Construction, prepare the journal entry to record payroll for the week ending May 20. Hours worked 41.5 Regular pay $400.00 Overtime pay 22.50 Gross pay 422.50 FICA taxes 32.32 Federal income tax 3.00 State income tax 4.00 United Fund 16.00 Insurance 6.00 Total deductions 61.32 Net pay ? Prepare the journal entry to pay payroll on May 28. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 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 amount enter an account title enter a debit amount…arrow_forward
- Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records Weekly Gross Earnings to End of Previous Income Health Insurance Fay Deductions $ 900 870 Hellen Craig Joseph Lin Dine Patelli Sharleen McFer Taxes $12,510 $144.55 $ 37.00 13,440 113.63 19,140 173,72 24.00 36.00 1,090 1,940 32,628 458.72 24.00 $4,900 $930.62 $121.00 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places) Deductions Employee Gross Pay Health Insurance Total Deductions Premium Net Pay $ 37.00 24.00 36 00 24 00 eese on Hellen Craig Joseph Lim Dino Patel Sharleen McFee S 4 980 00 870 00 1,000 00 1,960 00 nnnn Income Taxes $ 144 55 113.63 173 72 496 72 anes t CPParrow_forwardOn payday, Company A makes payment of ş 24,350 to its employees and record the following entry: General Journal Page Date Account Titles and Explanation Debit Creditarrow_forwardayroll Register and Payroll Journal Entry 1. Prepare a payroll register for Mary’s Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Round your answers to the nearest cent. 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Mary Losch operates a travel agency called Mary’s Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given below. Employees…arrow_forward
- Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,900 Employee Federal Income Tax Payable 900 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200 Payroll Withholdings 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 $fill in the blank 6752ad03b03cf89_1 Medicare Tax $fill in the blank 6752ad03b03cf89_2 General Journal 2. Record the journal entry for the payroll,…arrow_forwardJournalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,700 Employee Federal Income Tax Payable 800 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200arrow_forwardRecording employee and employer payroll taxes County Company had the following partially completed payroll register: Requirements Complete the payroll register. Round to two decimals. Journalize County, Company’s salaries and wages expense accrual for the current Pay period. Journalize County Company’s expenses for employer payroll taxes for the current pay period.arrow_forward
- Journalize the company payroll for the semimonthly period ending on August 31. Journalize the payment of total payroll and deductions using the totals from the payroll register. Payroll will be paid with check number 1152.arrow_forwardPayment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?arrow_forwardJOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has five employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Oxford Company include the following: The following transactions relating to payrolls and payroll taxes occurred during June and July: REQUIRED 1. Journalize the preceding transactions using a general journal. 2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.arrow_forward
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