i need help with doing a purchase journal

May 01 Charles paid the rent on his business location.....$1,000.00, check no. 1001, paid to Hysell Realty After this transaction, any payments by check will not refer to the check number. The accountant i to record the transaction using the next available check number. (All payments by this business will be by check.) May 02 Charles contributed all remaining fencing materials from his prior business to "Charlie's Fence Emporium". The value of this inventory is calculated to be $ 14,000.00. Hint.... Record this beginning inventory transaction into the account "Merchandise Inventory". May 02 Charles purchased office supplies on account from "Front Street Office Supply", for $ 395.00. May 02 A business liability insurance policy was contracted with "Mullin Insurance" for a payment of $ 900.00. This is a six month policy and is paid today. May 02 WAMO Radio provided a "Grand Opening" remote broadcast at Charlie's to announce and advertise his new business. The cost is $ 525.00 and is billed for later payment. May 02 Charlie's" purchased a truckload of fencing materials on account for $ 18,375.00......... terms 2-10, net 30, from Atlantic Fence, Invoice # 54612. May 02 Cash sales for the day totaled $ 980.00 plus sales tax. Sales tax in the county that "Charlie's" is located is 7.0%. May 03 Ed Chester, owner of "Ed's Pools", reached an agreement with Charles to purchase fencing exclusively from "Charlie's Fence Emporium" for pools he installs. Since Charles will not be collecting from the final retail customer, he will be selling both materials and installations to Ed's" wholesale (no sales tax). Charles shipped and billed "Ed's" $ 1.720 for fencing materials delivered, terms.......1-10, net 30, Invoice # 1001. May 03 Paid for repairs to the truck.......$425.00 May 03 Charlie's" accepts "Visa" bank cards for payment from customers. Today, a customer charged $ 825.00 plus tax. Visa charges a 3% clearing fee. May 04 Welding materials were purchased from Carl's Industrial Supply for $310.00....cash. May 05 Cash sales for the day totaled $ 1,750.00 plus sales tax. May 06 Charlie decides to sponsor a girl's softball team to promote his business. In order to sponsor a team in Willaby's City League, you must purchases the team T-shirts and hats with your business name and contribute $ 300 to the city. Charlie wrote two checks....one to the City of Willaby for the $300 entry fee, and another to Al's Sports Supply for $ 295 for the shirts and hats. May 07 May 09 May 11 May 11 May 12 May 12 May 13 May 14 May 15 May 17 May 19 May 20 May 21 May 23 May 24 May 24 May 25 Ivan Cowen, the Shop Foreman, is paid. He worked 43.5 hours this pay period. Payroll Instructions: Payroll Registers Included in this simulation are payroll registers, one for each week, to be used to determine all payroll data per pay. For each pay period, calculate the regular earnings, overtime earnings, and current gross earnings. Also, using the tables provided, calculate the Federal Income Tax to be withheld. Since Ivan will not cross the QASDI (Social Security) ceiling, an OASDI taxable column is not included in the payroll register. The Social Security tax rate is 6.2% and the Medicare tax rate is 1.45% of gross earnings each pay. Since Ivan will be paid with a general checking account check, the entire payroll entry MUST be recorded in the Cash Payments Journal. The Wage Bracket Tables for federal income tax withholding is presented as "Supplement B". (Ivan's federal withholding status is.... Married with 2 withholding allowances) Employee Earnings Records The purpose of the employee's earings record is to keep a running total of year-to-date amounts. After preparing the payroll register for each pay period, copy that information to the employee's earnings record on the appropriate line. Total each month after all entries are posted for that month. Later instructions will follow for month end-requirements. Cash sales for the day totaled $ 2,375.00 plus sales tax. A fence is installed for a customer, Will Spencer, on account. The contract amount is $ 3,820.00 plus tax, terms net 30 days, Invoice # 1002. Charlie's" pays for the purchase from Atlantic Fence from May 02 in full. Homer's Construction presents Charlie's with an invoice for the installation fee on Will Spencer's fence in the amount $ 725.00. Charlie's records this entry at the time of the invoicing as a payable to be paid with any other amounts due Homer's once each week. Received payment in full from "Ed's Pools" for Invoice # 1001. A customer purchases fencing materials and gates and charges them on her Visa Card, $948.00 plus tax (See May 03). Ivan Cowen, the Shop Foreman, is paid. He worked 44.75 hours this pay period. Charlie's" purchased decorative fencing materials on account for $ 435.00......... terms 1-10, net 30, from Mable's Ornamental Fencing, Inc., Invoice # 44413 A shipment of fencing materials was shipped to Ed's Pools (see May 03) totaling $ 2,110.00. Invoice # 1003. (See May 03 for credit terms extended to "Ed's") Homer's Construction is paid in full for the invoice on May 12. A fence is installed for a customer, Jane Wise, on account. The contract amount is $ 2,570.00 plus tax, terms net 30 days, Invoice # 1004. Ivan Cowen, the Shop Foreman, is paid. He worked 41.50 hours this pay period. Cash sales for the day totaled $ 2,135.00 plus sales tax. Charlie's" purchased plastic coated fencing materials on account for $ 1,365.00 for a special order customer, terms 2-10, net 30, from Atlantic Fencing. Invoice # 54687Z Charlie's" pays for the purchase from Mable's Fencing from May 15 in full. Charlie's" returns $ 62.00 of materials to Atlantic from the order on May 24 page 6 May 26 May 26 May 26 May 26 May 27 May 27 May 28 May 29 May 30 May 31 May 31 Charlie's" opened a charge account at a local gas station at the beginning of May to be payed at the end of each month by check. May's charges totaled $ 80.00 and are paid. May's electric bill of $325.00 was paid. May's water bill of $45.00 was paid. May's telephone bill of $125.00 was paid. Received payment in full from "Ed's Pools" for Invoice # 1003. Cash sales for the day totaled $ 4,770.00 plus sales tax. Ivan Cowen, the Shop Foreman, is paid. He worked 51.50 hours this pay period. Since this is the last payday of May, it is necessary to calculate the employer's payroll taxes and record the entry. Instructions to perform this task is as follows: Determine the employer's Social Security and Medicare taxes by simply matching what was withheld for the month for both taxes. In other words the employer must duplicate what was withheld from the employees for each of these two taxes. Also, the employee must recognize both the federal and state unemployment liabilities in this entry. The state rate is 3.1% and the federal rate is 0.8%. While both of these taxes are based on taxable ceilings of year-to-date gross wages, neither tax (ferderal or state) ceiling will be exceed- ed during the first three months of payroll, therefore consider all wages as unemployment taxable. After determing the tax amounts, record all four employer taxes as individual liabilities, and show the total sum of all four amounts as "Payroll Tax Expense". A customer purchases fencing materials and charges them on his Visa Card, $ 1379.00 plus tax. (See May 03) A fence is installed for a customer, Jeff Tillis, on account. The contract amount is $ 3,518.00 plus tax, terms net 30 days, Invoice # 1005. Mr. Tillis from the May 30 sale is dissatisfied with part of the installation. Charlie convinces him that due to the lay of his property, there was no other reasonable way for the fence to be installed. But to keep the customer happy, Charlie makes a "sales allowance" in the amount of $ 250. A trial balance is prepared