just need help with the last slide ( payroll) the rest is i formation needed to fill it out

226 Employees' Income Tax Payable CHAPTER 12 PANOR STATEMENTS, CLONING ENTRIES, AND REVERSING ENTRES 90 00 Liabilities (200-231) 221 Accounts Payable 227 FICA Social Security Tux Payable 226 FICA Medicare Tux Payable 229 State Unemployment Tux Payable 230 Federal Unemployment Tax Payable 231 Salaries Payable Owner's Equity (300-399) 311 M. L. Langdon. Capital 312 M. L. Langdon, Drawing 313 Income Summary Revenue (400-499) 618 Depreciation Expert, Equipment 412 Sales Returns and Allowances JOURNALS Sales Journal, page 65 Purchases Journal, page 65 Cash Receipts Journal, page 66 Cash Payments Journal, page 67 General Journal, pages 68-71 using Working Papers, reference the journal pageidsbore Cost of Goods Sold 50-599 511 Purchase 512 Purchases Remsand Allowances 515 Purchases Discounts 514 Tights Expenses (600-6993 611 Salaries Expense 612 Payroll Tax Expense 613 Rent pense 614 Utilities Expo 616 Spies Expense 617 Insurance Expense 619 Miscells Expense 00 411 Sales ts ACCOUNTS RECEIVABLE Fashion Decor Hotel Beritz Jason and Waldon ary of your leting th, ACCOUNTS PAYABLE Brandon, Inc. Kingston Fabrics Magnuson Textiles Tyson Manufacturing Company TRANSACTIONS The following transactions were completed during February of this year Fabulous Furnishings does not track cash sales by customer. If you are using CLGL select "Cash Sales" as the customer for all cash sales transactions Feb. 1 Reversed the adjusting entry for accrued salaries 5630 1 Sold merchandise on account to Hold Berit. $12.52086, invoice na 5221 2 Issued ck No 7216,516,393.46. to Kingston Fabrics, in perment of its invoice na D1239 for $16,932.10 less 2 percent discount 5. Bought merchandise on account from Magnusson Textiles, SUSTEN, invoice na RE275, dated February 2: terms 1/10, 1/30: FOS Lochfreight (Com prepaid and added to the invoice, 5158 PART 3: The Accounting Cycle for a Merchandising Business Feb. 5 Received an electric bill and paid Countywide Power. Ck No. 7217, 5358, 6 Received check from Jason and Waldon, $10,780.51, in payment of account. 7 Issued Ck No. 7218, 89,684.18, to Magnason Textiles, in payment of its invoice no RE64 for $9,782 less 1 percent discount 9 Cash sales for February 1 through February 9, 59,745.40. 12 Recorded the payroll in the payroll register for regular biweekly salaries for period ended February 12. Salaries: RW. Harris, 52,840; T. L Newkirk, $2,374. Income tax withholdings are $287 for Harris and $216 for Newkirk. Assume the following tax rates and taxable earnings limits (see the payroll register for beginning cumalative earnings in your Working Papers. This information is also provided in CengageNow, or CLGL): Social Security tacable carnings. $118.500, with a rate of 6.2 percent for employees and 6.2 percent for employers. Medicare taxable earnings, all earnings, with a rate of 1.45 percent (for both employees and employers). 12 Recorded the payroll entry, crediting Salaries Payable. 12 Issued Ck No. 7219, 52,335.74. to R. W. Harris. Issued Ck. No. 7220, $1.976.39. to T. L Newkirk 12 Recorded payroll taxes. Assume the following tax rates and taxable earnings: Federal unemployment taxable earnings, 57,000, with a rate of 0.6 percent. State unemployment taxable earnings, 57,000, with a rate of 5.4 percent. 12 Received a credit memo from Magnuson Textiles for defective merchandise $692, credit memo no. 916. 14 Issued Ck. No. 7221, $2,900.80, to Mid-State Bank for monthly deposit of January employees' federal income tax withheld, $1,285, FICA Social Security tax, $1,309.54 and FICA Medicare tax, SJ06.26. 14 Sold merchandise on account to Jason and Waldon, $15,781.30, invoice no. 5222 14 Issued Ck. No. 7222, 84.298.97. to Magnuson Textiles, in payment of its invoice no. RE275 less the credit memo for defective merchandise and less the discount 18 Bought merchandise on account from Brandon, Inc., $21,375.20, invoice no. 164M. dated February 14, terms 2/10,n/30, FOB Miami, freight prepaid and added to the invoice, $1,242 18 Cash sales for February 10 through February 18, 57,889.24. 19 Issued CK No. 7223 payable to Quicker Printing for invoice forms, $336 (not previously recorded) 19 Received check from Fashion Decor, $4.830.65, in payment of account. 22 Issued Ck. No. 7224. $12.540. to Tyson Manufacturing Company, in payment of its invoice no. 9264D. 22 Sold merchandise on account to Fashion Decor, $17.435.32. invoice no. 5223. 24 Issued credit memo no 214 to Fashion Decor, $185, for merchandise returned 24 Bought merchandise on account from Kingston Fabrics, S16,536.90, invoice no. D1797, dated February 22 terms 2/10, 1/30: FOB Dallas 26 Recorded the payroll in the payroll register for regular biweekly salaries for period ended February 26. Salaries: R. W. Harris. $2.840; T. L Newkirk, $2,374. Income tax withholdings are $287 for Harris and 5216 for Newkirk Note: See the entry of February 12 for taxable earnings limits and tax rates. See the payroll register for this payroll's beginning cumulative earnings. (Continued) Comprehe - ht CHAPTER 12: FINANCIAL STATEMENTS, CLOSINO ENTRES, AND REVERSING ENTRIES Feb 26 Recorded the payroll entry, crediting Salaries Payable 26 Issued Ck. No 7225, $2.335.74, to R. W. Harris. Issued Ck No 7226. $1,976,39, to T. L Newlik. Use two lines and debit Salaries Payable 26 Ck No. 7227 volded. 26 Recorded payroll taxes. Assume the following tax rates and taxable carning Federal unemployment tacable carnings, 57.000, with a rate of 0.6 percent. State unemployment taxable earning, 57,000, with a rate of 5.4 percent 27 Issued Ck No. 7228, $1,035, 10 JIT Freight line for transportation charge on merchandise purchased from Kingston Fabrics. 28 Issued Ck. No. 7229.5155.60, payable to ask to reimburse the petty cash fund. Petty cash payments consist of Supplies, 5130 24, and Miscellaneous Expense, 525.36. 28 Cash sales for February 19 through February 28, 58,986.60. 28 Issued Ck No. 7230, 52,290, to Global Rental Agency for monthly rent. 28 M. L. Langdon (owner) withdrew $5,000 for personal use. Ck No 7231. Required 1. Journalize and post the transactions completed during February, using either a general journal or special journals or both. (Your instructor will assign you which one(s) to use.) General Journal. Ignore this section if using CLGL a. Post daily all entries involving customer accounts to the accounts receivable ledger b. Post dally all entries involving creditor accounts to the accounts payable ledger c. Post daily the general journal entries to the general ledger Special Journals. Ignore this section if using CIGL Post daily the amounts in the Other Accounts columns of the special journals. b. Post daily the general journal c. Post the totals of the special columns of the special journals at the end of the month. 2. Prepare a schedule of accounts receivable and a schedule of accounts payable. : 3. Complete the work sheet for February. Ignore this step if using CLGL Data for the month-end adjustments are as follows: a-b. Merchandise inventory at February 28, 545,484 c. Salaries accrued at February 28, $2,084. d. Insurance expired during February, 5210, 4. Depreciation of equipment during February, $1,885. f. Supplies on hand, $100. 4. Journalize the adjusting entries. If using manual Working Papers, post the adjusting entries to the general ledger. 5. Prepare an income statement 6. Prepare a statement of owner's equity. (No additional investment was made during the month.) 7. Prepare a balance sheet. 8. Journalize the closing entries. If using manual Working Papers, post to the general ledger. 9. Prepare a post-closing trial balance. COMPREHENSIVE REVIEW PROBLEM (General Journal) (concluded) PAYROLL REGISTER FOR BIWEEKLY PERIOD ENDED PAGE 12 TOTAL EARNING SALARI EFENSE DEBIT TAX TAS TOTAL NOOR 30 SO NAME R HA TL N February 12, 20.- GEOTIONS FEDERAL SOCIAL NCOME SECURITY MEDICARE TAX 0.00 0.00 0.00 0.00 0.00 BEGIN CUMULATIVE EARNINGS 5:465.00 580.00 10.04500 ENONO CUMULATIV UNEMPLOY CEARNINOS MENT 5,465.00 4,580.00 0.00 SOCIAL SECURITY 0.00 0.00 0.00 MEDICARE 0.00 0.00 0.00 0.00 NET AMOUNT 0.00 0.00 0.00 TOTAL 0.00 0.00 0.00 CE NO 7219 7220 0.00 0.00 0.00 February 26 20- PAGE 13 PAYMENT PAYROLL REGISTER FOR BIWEEKLY PERIOD ENDED YAALTICARE BEGINNING ENDING TOTAL CUMULATIVE TOTAL CUMULATIV UNEMPLOY SOCIAL HOURS CARNING EARNING LEARNING MENT SECURITY MEDICARE 59 5,466.00 5,466.00 0.00 2.840.00 2,840.00 50 4,580.00 4,580.00 0.00 0.0 10,045,00 0.00 0.00 2.840.00 2.840.00 FEDERAL INCOME TAX DOCTOR SOCIAL SECURITY MEDICARE TAX TAX TOTAL RT Harris bir NET AMINT 2,840.00 0.00 2,840.00 CK NO 7226 7226 0.00 0.00 0.00 SALARY EXPERISE DEN 2.840.00 0.00 2,340.00 00 0.00 0.00 0.00 LE 100 ch UVCHTI DAVDA choot cha 226 Employees' Income Tax Payable CHAPTER 12 PANOR STATEMENTS, CLONING ENTRIES, AND REVERSING ENTRES 90 00 Liabilities (200-231) 221 Accounts Payable 227 FICA Social Security Tux Payable 226 FICA Medicare Tux Payable 229 State Unemployment Tux Payable 230 Federal Unemployment Tax Payable 231 Salaries Payable Owner's Equity (300-399) 311 M. L. Langdon. Capital 312 M. L. Langdon, Drawing 313 Income Summary Revenue (400-499) 618 Depreciation Expert, Equipment 412 Sales Returns and Allowances JOURNALS Sales Journal, page 65 Purchases Journal, page 65 Cash Receipts Journal, page 66 Cash Payments Journal, page 67 General Journal, pages 68-71 using Working Papers, reference the journal pageidsbore Cost of Goods Sold 50-599 511 Purchase 512 Purchases Remsand Allowances 515 Purchases Discounts 514 Tights Expenses (600-6993 611 Salaries Expense 612 Payroll Tax Expense 613 Rent pense 614 Utilities Expo 616 Spies Expense 617 Insurance Expense 619 Miscells Expense 00 411 Sales ts ACCOUNTS RECEIVABLE Fashion Decor Hotel Beritz Jason and Waldon ary of your leting th, ACCOUNTS PAYABLE Brandon, Inc. Kingston Fabrics Magnuson Textiles Tyson Manufacturing Company TRANSACTIONS The following transactions were completed during February of this year Fabulous Furnishings does not track cash sales by customer. If you are using CLGL select "Cash Sales" as the customer for all cash sales transactions Feb. 1 Reversed the adjusting entry for accrued salaries 5630 1 Sold merchandise on account to Hold Berit. $12.52086, invoice na 5221 2 Issued ck No 7216,516,393.46. to Kingston Fabrics, in perment of its invoice na D1239 for $16,932.10 less 2 percent discount 5. Bought merchandise on account from Magnusson Textiles, SUSTEN, invoice na RE275, dated February 2: terms 1/10, 1/30: FOS Lochfreight (Com prepaid and added to the invoice, 5158 PART 3: The Accounting Cycle for a Merchandising Business Feb. 5 Received an electric bill and paid Countywide Power. Ck No. 7217, 5358, 6 Received check from Jason and Waldon, $10,780.51, in payment of account. 7 Issued Ck No. 7218, 89,684.18, to Magnason Textiles, in payment of its invoice no RE64 for $9,782 less 1 percent discount 9 Cash sales for February 1 through February 9, 59,745.40. 12 Recorded the payroll in the payroll register for regular biweekly salaries for period ended February 12. Salaries: RW. Harris, 52,840; T. L Newkirk, $2,374. Income tax withholdings are $287 for Harris and $216 for Newkirk. Assume the following tax rates and taxable earnings limits (see the payroll register for beginning cumalative earnings in your Working Papers. This information is also provided in CengageNow, or CLGL): Social Security tacable carnings. $118.500, with a rate of 6.2 percent for employees and 6.2 percent for employers. Medicare taxable earnings, all earnings, with a rate of 1.45 percent (for both employees and employers). 12 Recorded the payroll entry, crediting Salaries Payable. 12 Issued Ck No. 7219, 52,335.74. to R. W. Harris. Issued Ck. No. 7220, $1.976.39. to T. L Newkirk 12 Recorded payroll taxes. Assume the following tax rates and taxable earnings: Federal unemployment taxable earnings, 57,000, with a rate of 0.6 percent. State unemployment taxable earnings, 57,000, with a rate of 5.4 percent. 12 Received a credit memo from Magnuson Textiles for defective merchandise $692, credit memo no. 916. 14 Issued Ck. No. 7221, $2,900.80, to Mid-State Bank for monthly deposit of January employees' federal income tax withheld, $1,285, FICA Social Security tax, $1,309.54 and FICA Medicare tax, SJ06.26. 14 Sold merchandise on account to Jason and Waldon, $15,781.30, invoice no. 5222 14 Issued Ck. No. 7222, 84.298.97. to Magnuson Textiles, in payment of its invoice no. RE275 less the credit memo for defective merchandise and less the discount 18 Bought merchandise on account from Brandon, Inc., $21,375.20, invoice no. 164M. dated February 14, terms 2/10,n/30, FOB Miami, freight prepaid and added to the invoice, $1,242 18 Cash sales for February 10 through February 18, 57,889.24. 19 Issued CK No. 7223 payable to Quicker Printing for invoice forms, $336 (not previously recorded) 19 Received check from Fashion Decor, $4.830.65, in payment of account. 22 Issued Ck. No. 7224. $12.540. to Tyson Manufacturing Company, in payment of its invoice no. 9264D. 22 Sold merchandise on account to Fashion Decor, $17.435.32. invoice no. 5223. 24 Issued credit memo no 214 to Fashion Decor, $185, for merchandise returned 24 Bought merchandise on account from Kingston Fabrics, S16,536.90, invoice no. D1797, dated February 22 terms 2/10, 1/30: FOB Dallas 26 Recorded the payroll in the payroll register for regular biweekly salaries for period ended February 26. Salaries: R. W. Harris. $2.840; T. L Newkirk, $2,374. Income tax withholdings are $287 for Harris and 5216 for Newkirk Note: See the entry of February 12 for taxable earnings limits and tax rates. See the payroll register for this payroll's beginning cumulative earnings. (Continued) Comprehe - ht CHAPTER 12: FINANCIAL STATEMENTS, CLOSINO ENTRES, AND REVERSING ENTRIES Feb 26 Recorded the payroll entry, crediting Salaries Payable 26 Issued Ck. No 7225, $2.335.74, to R. W. Harris. Issued Ck No 7226. $1,976,39, to T. L Newlik. Use two lines and debit Salaries Payable 26 Ck No. 7227 volded. 26 Recorded payroll taxes. Assume the following tax rates and taxable carning Federal unemployment tacable carnings, 57.000, with a rate of 0.6 percent. State unemployment taxable earning, 57,000, with a rate of 5.4 percent 27 Issued Ck No. 7228, $1,035, 10 JIT Freight line for transportation charge on merchandise purchased from Kingston Fabrics. 28 Issued Ck. No. 7229.5155.60, payable to ask to reimburse the petty cash fund. Petty cash payments consist of Supplies, 5130 24, and Miscellaneous Expense, 525.36. 28 Cash sales for February 19 through February 28, 58,986.60. 28 Issued Ck No. 7230, 52,290, to Global Rental Agency for monthly rent. 28 M. L. Langdon (owner) withdrew $5,000 for personal use. Ck No 7231. Required 1. Journalize and post the transactions completed during February, using either a general journal or special journals or both. (Your instructor will assign you which one(s) to use.) General Journal. Ignore this section if using CLGL a. Post daily all entries involving customer accounts to the accounts receivable ledger b. Post dally all entries involving creditor accounts to the accounts payable ledger c. Post daily the general journal entries to the general ledger Special Journals. Ignore this section if using CIGL Post daily the amounts in the Other Accounts columns of the special journals. b. Post daily the general journal c. Post the totals of the special columns of the special journals at the end of the month. 2. Prepare a schedule of accounts receivable and a schedule of accounts payable. : 3. Complete the work sheet for February. Ignore this step if using CLGL Data for the month-end adjustments are as follows: a-b. Merchandise inventory at February 28, 545,484 c. Salaries accrued at February 28, $2,084. d. Insurance expired during February, 5210, 4. Depreciation of equipment during February, $1,885. f. Supplies on hand, $100. 4. Journalize the adjusting entries. If using manual Working Papers, post the adjusting entries to the general ledger. 5. Prepare an income statement 6. Prepare a statement of owner's equity. (No additional investment was made during the month.) 7. Prepare a balance sheet. 8. Journalize the closing entries. If using manual Working Papers, post to the general ledger. 9. Prepare a post-closing trial balance. COMPREHENSIVE REVIEW PROBLEM (General Journal) (concluded) PAYROLL REGISTER FOR BIWEEKLY PERIOD ENDED PAGE 12 TOTAL EARNING SALARI EFENSE DEBIT TAX TAS TOTAL NOOR 30 SO NAME R HA TL N February 12, 20.- GEOTIONS FEDERAL SOCIAL NCOME SECURITY MEDICARE TAX 0.00 0.00 0.00 0.00 0.00 BEGIN CUMULATIVE EARNINGS 5:465.00 580.00 10.04500 ENONO CUMULATIV UNEMPLOY CEARNINOS MENT 5,465.00 4,580.00 0.00 SOCIAL SECURITY 0.00 0.00 0.00 MEDICARE 0.00 0.00 0.00 0.00 NET AMOUNT 0.00 0.00 0.00 TOTAL 0.00 0.00 0.00 CE NO 7219 7220 0.00 0.00 0.00 February 26 20- PAGE 13 PAYMENT PAYROLL REGISTER FOR BIWEEKLY PERIOD ENDED YAALTICARE BEGINNING ENDING TOTAL CUMULATIVE TOTAL CUMULATIV UNEMPLOY SOCIAL HOURS CARNING EARNING LEARNING MENT SECURITY MEDICARE 59 5,466.00 5,466.00 0.00 2.840.00 2,840.00 50 4,580.00 4,580.00 0.00 0.0 10,045,00 0.00 0.00 2.840.00 2.840.00 FEDERAL INCOME TAX DOCTOR SOCIAL SECURITY MEDICARE TAX TAX TOTAL RT Harris bir NET AMINT 2,840.00 0.00 2,840.00 CK NO 7226 7226 0.00 0.00 0.00 SALARY EXPERISE DEN 2.840.00 0.00 2,340.00 00 0.00 0.00 0.00 LE 100 ch UVCHTI DAVDA choot cha