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Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $135 per
Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $135 per day. Mar. 25 The company sold merchandise with a $2,102 cost for $2,940 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,080 of wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $108. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.) Net pay 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the payroll expenses and liabilities for the eight days' work paid on February 26. Note: Enter debits before credits. General Journal Debit Credit Date Feb 26, 2018 Record entry Clear entry View general Journal 3. Record the journal entry to reflect the employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 4% for the company. (Round your answers to 2 decimal places. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the employer's payroll expenses and liabilities for the eight days' work paid on February 26. Note: Enter debits before credits. Date General Journal Debit Credit Feb 26, 2018 Record entry Clear entry View general Journal 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet 12 Record the sales revenue of $2,940 on account to Wildcat Services together with 4% sales tax on every dollar of merchandise sold. Note: Enter debits before credits. General Journal Debit Credit Date Mar 25, 2018 Record entry Clear entry View general journal
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