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Journalize
I tried to answer the question but I think I got it partially wrong. I just wanted any kind of assistance , thank you !
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $325,000 Income tax withheld $116,600 Warehouse salaries 200,000 U.S. savings bonds 14,674 Ofce salaries 142,000 Group insurance 12,006 $667,000 Tax rates assumed: Social security 6% State unemployment (employeronly) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $32,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following scal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): On page 11 of the journal: December 30, to record the payroll. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new scal year, all $667, 000 in salaries is subject to unemployment compensation taxes. 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $32,000 is subject to unemployment compensation taxes. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 11 JOURNAL Score: 481171 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Dec. 30 Sales Salaries Expense 325,000.00 1 2 Warehouse Salaries Expense 200,000.00 l 3 Ofce Salaries Expense 142,000.00 1 4 Employees Income Tax Payable 116,600.00 T 5 Social Security Tax Payable 10 11 12 13 14 2. Assuming that the payroll for the last week of the year Is to be paid on January 5 of the following scal year, joumallze the following entries (refer to the Chart of Accounts for exact wording of account titles): a. On page 11 of the journal: December 30, to record the payroll. b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new scal year, all $667, 000 in salaries is subject to unemployment compensation taxes. Question not attempted. PAGE 1' ACCOUNTING EQUATION
