eBook Payroll accounts and year-end entries Instructions Chart of Accounts Journal Instructions The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: Balance Account No. 211 212 $0.280 2.316 213 15.405 214 215 13.920 216 1.440 Account Name Salaries Payable Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Employees State Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable U.S. Saving Bond Deductions Payable Medical Insurance Payable Operations Salaries Expense Officers Salaries Expense Office Salaries Expense Payroll Tax Expense 217 430 218 $3200 219 24.800 411 940.000 511 640.000 150.000 512 510 138,151 The following transactions relating to payroll payroll deductions, and payroll taxes occurred during December On page 10 of the journal Der Chore and 3200 Saetta Sara Check My Work All On page 10 of the journal: Dec. N 2 2 Issued Check No. 410 for $3,200 to Jay Bank to purchase U.S. savings bonds Issued Check No. 411 to Jay Bank for $27,001 in payment of $0,280 of socials Medicare tax, and $15,405 of employees' federal income tax due. Journalized the entry to record the biweekly payroll. A summary of the payroll re 13 Salary distribution: Operations $40,600 Officers 27,000 Office 6,400 $74,000 Deductions: Social security tax $ 4,440 Medicare tax 1.110 Federal income tax withheld 14,800 State income tax withheld 3,330 Savings bond deductions 1.800 Medical insurance deductions 4.100 29.380 Net amount $44,620 13 Issued Check No. 420 in payment of the nat amount of the biweekly payroll Journalized the entry to record payroll taxes on employees earnings of December 13 13 Check My Work eBook On page of the jouma: Dec. 27 Journalized the entry to record the biweekly payroll. A summary of tt Salary distribution: Operations S40,200 Officers 27.800 Office 6.600 $74,800 Deductions Social security tax $ 4,476 Medicare tax 1.110 Federal income tax withheld 14.784 State income tax withheld 3.357 Savings bond deductions 1.800 25.310 Net amount $49.284 27 27 issued Check No 541 in payment of the net amount of the biweekly payroll Journalized the entry to record payron tres on employees earnings of Dec tax 54.478. Vedicare ta $1 119. state unemployment tax $220 federatu issued Check No: 543 for 520 607 to State Department of Revenue in oayn 27 income tax oue on December 31 31 issued Check No 545 10. Bank for $3200 to purchase US savings bon Pad 548 000 to the employee de son pan. The annus cension costs $24 31 Check My Work All work eBook GIAN State income tax withheld 3.357 1,800 25.316 Savings bond deductions $40,284 Net amount 27 27 27 Issued Check No. 541 in payment of the net amount of the biweekly payroll. Journalized the entry to record payroll taxes on employees' earnings of December 27 social security tax $4,478, Medicare tax, $1.119. state unemployment tax $220. federal unemployment tax. 580. Issued Check No. 543 for $20,607 to State Department of Revenue in payment of employees' state income tax due on December 31 issued Check No 545 to Jay Bank for $3,200 to purchase U.S. savings bonds for employees. Paid $48,000 to the employee pension plan. The annual pension cost is 584,000. (Record both the payment and unfunded pension liability) 31 31 Required: Journalize the transactions on pages 10 and 11 of the journal. Refer to the Chart of Accounts for exact wording of 2. On page 12 of the journal journalize the following adjusting entries on December 31 (refer to the Chart of Account account titles Salaries accrued operations salaries 58,570 officers salanes 55,610 office salanes $1360 - The payroll taxes accrued 6: Vacation pay $15.400 Journs Chuck My Work eBook DEBIT POST. REF CREDIT DATE DESCRIPTION 1 2 3 5 6 00 11 12 11 30 30 Check My Work eBook JOURNAL POST REF DEBIT DESCRIPTION DATE 2 3 1
