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i got everything right but those two, not sure where i went wrong Chart of Accounts 214 Notes Payable 215 Salaries Payable 216 Social Security
i got everything right but those two, not sure where i went wrong
Chart of Accounts 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Income Tax Payable 220 Group Insurance Payable 221 Bond Deductions Payable 222 Union Dues Payable 223 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 540 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Instructions Required: 1. Assuming that the payroll related to the first full week of the year and was paid on January 7 , journalize the following entries: a. January 7 , to record the payroll. b. January 7, to record the employer's payroll taxes on the payroll for the first week of the year. Since it is a new fiscal year, all $780,000 in salaries is subject to unemployment compensation taxes. 2. Assuming that the payroll related to the last week of the year and was paid on December 31, journalize the following entries: a. December 31, to record the payroll. b. December 31, to record the employer's payroll taxes on the payroll for the last week of the year. Of the total payroll for the last week of the year, $48,000 is subject to unemployment compensation taxes. The following information about the weekly payroll was obtained from the records of Boltz Co.: General Journal Chart of Accounts ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Warehouse Salaries Expense 522 Office Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense General Journal Shaded cells have feedback. JOURNAL Score: 165/171 ACCOUNTING EQUATION \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & DATE & DESCRIPTION & POST. REF. & DEBIT & CREDIT & ASSETS & LIABILITIES & EQUITY \\ \hline 1 & Jan.72 & Sales Salaries Expense & & 540,000.00v & & & & \\ \hline 2 & & Warehouse Salaries Expense & & 155,000.00 & & & & \\ \hline 3 & & Office Salaries Expense & & 85,000.00 & & & & \\ \hline 4 & & Employees Income Tax Payable & & & 160,000.00 & & & \\ \hline 5 & & Social Security Tax Payable & & & 46,800.00 & & & \\ \hline 6 & & Medicare Tax Payable & & & 11,700.00 & & & \\ \hline 7 & & Bond Deductions Payable & & & 10,500.00 & & & \\ \hline 8 & & Group Insurance Payable & & & 9,000.00 & & & \\ \hline 9 & & sales Salaries Payable & & & 542,000.00V & & & \\ \hline 10 & Jan.72 & Payroll Tax Expense & & 106,860.00v & & & & \\ \hline 11 & & Social Security Tax Payable & & & 46,800.00V & & & \\ \hline 12 & & Medicare Tax Payable & & & 11,700.00 & & & \\ \hline 13 & & State Unemployment Tax Payable & & & 42,120.00 & & & \\ \hline 14 & & Federal Unemployment Tax Payable & & & 6,240.00 & & & \\ \hline \end{tabular}Step by Step Solution
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