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tries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $402,000 Warehouse salaries 210,000 Office salaries 165,000 $777,000 Deductions: Income tax withheld $135,975 Social Security withhold AB 820 Previous Check My Work Entries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions Deductions: Income tax withheld $135,975 Social security tax withheld 46,620 Medicare tax withheld 11,655 Retirement savings 17,094 Group insurance 13,986 $225,330 Tax rates assumed: Social security 6% Previous Check My Work Entries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the yout is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Or the total payroll for the last week of the year, $40,000 is subject to unemployment compensation taxes. Previous Check My Work JULALASSIO ment SessionLocator assignment-take& eBook Calculator Entries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account bitles): A. December 30, to record the payroll B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. of the total payroll for the last week of the year, $40,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journal the following entries (refer to the Chart of Accounts for exact wording of account titles): A. On page 11 of the journal: December 30, to record the payroll B. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Because a new fiscal year, all salaries are subject to unemployment compensation taxes. Previous Check My Work Entries for payroll and payroll taxes Chart of Accounts Journal Instructions Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 112 Interest Receivable 610 Interest Revenue 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Warehouse Salaries Expense 522 Office Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 124 Accumulated Depreciation-Building Previous Check My Work Chart of Accounts Journal Instructions Chart of Accounts 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 540 Miscellaneous Expense 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Income Tax Payable Previous Check My Work Calculator Entries for payroll and payroll taxes Instructions Chart of Accounts Journal 710 Interest Expense Instructions Chart of Accounts 220 Group Insurance Payable 221 Bond Deductions Payable 222 Retirement Savings Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary Instructions Chart of Accounts Journal bil down to access additional pages of the journal. 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of accountles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $40,000 is subject to unemployment compensation taxes. Check My Work Previous Instructions Chart of Accounts Journal JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT Check My Work (Prev Instructions Chart of Accounts Journal Instructions Chart of Accounts Journal B. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all salaries are subject to unemployment compensation taxes. JOURNAL ACCOUNT DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS Previous Check My Work
