Entries for payroll and payroll taxes

The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co: Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, joumalize the following entries (refer to the charto accounts for the exact wording of the account titles. CNOW journals do not use fines for journal explanations Every tine on a joumal pa used for debit or credit entries. CNOW joumals wilt automabcally indent a credit entry when a credit amount is entered). a. December 30 , to record the payroll. Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, joumahize the following entries (refer to the chart of account for the exact wording of the account totes. CNOW journals do not use tines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals wil automatically indent a credit entry when a credit amount is entered) a. December 30 , to record the payroll. b. December 30, to record the employer's payroll raxes on the payroll to be paid on December 31 . Or the fotal payroll for the last week of the year, $31,000 is subject to unemployment compensation taves. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, joumalize the folfowing entries (refer to the chart of accounts for the exact wording of the account tites. CNOW joumals do not use firies for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals wirl automatically indent a cieditentry when a credit amount is entered) a. On page 11 of the joumat December 30 , to record the paynoll b. On page 12 of the joumat. January 5, to record the employer's payroul taxes on the payrotl to be paid on Jahuary 5. Because it is a new Ifscal year, all satanes are subject to unemployment compensaton taxes. CHART OF ACCOUNTS Pharrell Co. General Ledger ASSETS 110 Cash 111 Accounts Recervable 112 interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid insurance 120 Land 123 Building 124 Accumulated Depreciation-Building REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Warehouse Salaries Expense 522. Ofice Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense Chart of Accounts 124 Accumulated Depreciation-Building 125 Otice Equipment 126 Accumulated Depreciation-Office Equipment LIABIUTIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 220 Group Insurance Payable 221 Bond Deductions Payable 222. Retirement Savings Payable 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Paytoll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Shortand Over 540 Miscellaneous Expense 710 Interest Expense 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 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 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 540 Miscellaneous Expense 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing Scroll 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 Docember 31, fournalize the following entries (refer to thie chart of accounts for the exact wording of the account tides. CNOW joumals do not use lines for journal explanasons. Every line on a journal page is used for debit or credir enties. CNOW journals will automabcally indent a credit entry when a credit anount is entered): a. December 30 , to record the payroll. b. December 30 , to recond the employer's payroll taxes on the payroll to be paid on December 31 . Or the totat payroll for the last week of the year, $31,000 is subject to unemployment compensation taxes. Journal JOUPANAL ACCOUNTING EQUATIO \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & DATE. & DESCPUPTIOH & POST, Ra. & DEBI & CAEOT & Asscts & LWaumes \\ \hline 1 & & & & & & & \\ \hline 2 & & & & & & & \\ \hline 1 & & & & & & & \\ \hline 4 & & & & & & & \\ \hlines & & & & & & & \\ \hline 6 & & & & & & & \\ \hline 3 & & & & & & & \\ \hline & & & & & & & \\ \hline 9 & & & & & & & \\ \hline & & 67 & & & & & \\ \hline \end{tabular} 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer no the chart of accounts for the exact wording of the account tites. CNOWjournals do not use hines for journal explanations, Every line on a journal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered) a On page 11 of the journal: December 30 , to record the payroll b. On page 12 of the journat January 5, to record the employer's payroll maxes on the payrod to be paid on January 5. Because it is a new tiscal year, all salaries are subject io unemploymentcompensason taxes. ACCOUNTING EQUATION