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I need help with this accounting problem please. Please use the information to answer the following problem, thank you. Instructions Chart of Accounts Journal Instructions
I need help with this accounting problem please. Please use the information to answer the following problem, thank you.
Instructions
Chart of Accounts
Journal
Instructions The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld 21,600 Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries. Required: a. Journalize the entry to record the payroll for the week of April 29.* b. Journalize the entry to record the payroll tax expense incurred for the week of April 29. * *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Salaries Expense 118 Prepaid Insurance 524 Depreciation Expense-Building 120 Land 525 Delivery Expense 123 Building 526 Repairs Expense 124 Accumulated Depreciation-Building 529 Selling Expenses 125 Office Equipment 531 Rent Expense 126 Accumulated Depreciation Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 534 Supplies Expense 210 Accounts Payable 535 Payroll Tax Expense 213 Interest Payable 536 Vacation Pay Expense 214 Notes Payable 537 Pension Expense 215 Salaries Payable 538 Cash Short and Over 216 Social Security Tax Payable 539 Product Warranty Expense 217 Medicare Tax Payable 540 Miscellaneous Expense 218 Employees Federal Income Tax Payable 710 Interest Expense 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable EQUITY 310 Owner, Capital 311 Owner, Drawing Journal a. Journalize the entry to record the payroll for the week of April 29.* b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 7 8 9 10Step by Step Solution
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