Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Based on this: Please answer this: Please keep the same format! Problem 11-04A a-b (Part Level Submission) (Video) The following payroll liability accounts are included

Based on this:

image text in transcribed

Please answer this:

image text in transcribed

Please keep the same format!

Problem 11-04A a-b (Part Level Submission) (Video) The following payroll liability accounts are included in the ledger of Crane Company on January 1, 2020. 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 $700 1,180.00 100.00 275.00 1,930.00 800 300 In January, the following transactions occurred. Jan. 10 Sent check for $800 to union treasurer for union dues. 12 Remitted check for $1,880.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. 15 Purchased U.S. Savings Bonds for employees by writing check for $300. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows salaries and wages $54,000, FICA taxes withheld $4,131, federal income taxes payable $1,800, state income taxes payable $350, union dues payable $350, United Fund contributions payable $1,750, and net pay $45,619. 31 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. 1. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.4%. 2. Vacation pay: 6% of gross earnings. (a) Your answer is correct. Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 10 Union Dues Payable cash __ 800.00 2 Jan. 12 FICA Taxes Payable .00 Federal Income Taxes Payable T Cash 1,880.00 Tjan. 15 U.S. Savings Bonds Payable I Cash Cash 300.00 Jan. 17 State Income Taxes Payable 100.00 Cash 100.00 an. 20 Federal Unemployment Taxes Payable State Unemployment Taxes Payable Cash 2,205.00 Jan. 31 Salaries and Wages Expense 54,000.00 | FICA Taxes Payable 14,131.00 T Federal Income Taxes Payable 1,800.00 State Income Taxes Payable T 350.00 11 Union Dues Payable 350.00 United Fund Contributions Payable 1,750.00 45,619.00 | Salaries and Wages Payable (To record completion of monthly payroll register.) TJan. 31 T Salaries and Wages Payable T 45,619.00 PL 45,619.00 | Cash (To record preparation and distribution of payroll checks to employees.) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO 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. Date Account Titles and Explanation Debit Credit 1. (To record employee payroll taxes.) (To record vacation pay.) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 0 of 3 used

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Belverd E. Needles Jr,, Marian Powers

8th Edition

0618310746, 978-0618310746

More Books

Students also viewed these Accounting questions