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5/3/2020 CengageNOWW2 | Online teaching and learning resource from Cengage Learning Instructions Journalizing And Posting Payroll Entries Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Cascade include the following: Account Balance on Number Title June 1 101 Cash $ 70,200 211 Employee Federal Income Tax Payable 3,553 212 Social Security Tax Payable 5,103 213 Medicare Tax Payable 1,197 218 Savings Bond Deductions Payable 1,225 221 FUTA Tax Payable 574 222 SUTA Tax Payable 2,835 511 Wages and Salaries Expense 530 Payroll Taxes Expense 0 The following transactions relating to payrolls and payroll taxes occurred during June and July : June 15 Paid $9,853 covering the following May taxes: Social Security tax $5,103 Medicare tax 1,197 Employee federal income tax withheld 3,553 Total $9,853 30 June payroll: Total wages and salaries expense $42,000 Less amounts withheld: Social Security tax $2,604 Medicare tax 609 Employee federal income tax 3,570 Savings bond deductions 1,225 8,008 Net amount paid $33,992 30 Purchased savings bonds for employees, $2,450 30 Employer payroll taxes expenses for June were: Social Security $2,604 Medicare 609 FUTA 84 SUTA 567 Total $3,864 July 15 Paid $9,996 covering the following June taxes: Social Security tax $5,208 Medicare tax 1,218 https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true 1/45/3/2020 CengageNOWW2 | Online teaching and learning resource from Cengage Learning Employee federal income tax withheld 3,570 Total $9,996 31 Paid SUTA tax for the quarter, $3,402 31 Paid FUTA tax, $658 Required: 1. Journalize the preceding transactions using a general journal. If an amount box does not require an entry, leave it blank. Do not enter the posting reference until you have completed part 2. 2. Below are the T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal. After you post to the T-accounts, go back and complete the posting in part 1. General Journal 1. Journalize the preceding transactions using a general journal. If an amount box does not require an entry, leave it blank. Do not enter the posting reference until you have completed part 2. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-- June 15 1 2 N 3 W 4 Deposit of employee federal income tax and Social Security and Medicare taxes 7 30 Co 9 10 10 11 11 12 12 13 14 To record June payroll 13 14 15 30 15 16 16 17 Purchased U.S. savings bonds for employees 17 18 18 19 30 19 https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true 2/45/3/2020 CengageNOWW2 | Online teaching and learning resource from Cengage Learning DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 20 20 21 21 22 22 23 23 24 To record employer payroll taxes expense 24 25 25 26 July 15 26 27 27 28 28 29 29 30 Deposit of employee federal income tax and Social Security and Medicare taxes 30 31 31 32 31 32 33 33 34 Paid SUTA tax 34 35 35 36 31 36 37 37 38 Paid FUTA tax 38 T-Accounts 2. Below are the T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal. After you post to the T-accounts, go back and complete the posting in part 1. Cash 101 Employee Federal Income Tax 211 Payable https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true 3/45/3/2020 CengageNOVW2 | Online teaching and learning resource from Cengage Learning Social Security Tax Payable 212 Medicare Tax Payable 213 Savings Bond Deductions 218 Payable FUTA Tax Payable 221 SUTA Tax Payable 222 Wages and Salaries Expense 511 Payroll Taxes Expense 530 5 more Check My Work uses remaining. https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true 4/4
