P11-3A

Problems: Set A 525 Instructions (b) Post a) Prepare journal entries for the listed transactions and events. h) Post to the accounts Notes Payable, Interest Payable, and Interest Expense. ) Show the balance sheet presentation of notes and interest payable at December 31. d) What is total interest expense for the year? S2.110 Prepare payroll register and (LO 3) P11-3A Mann Hardware has fou r employees who are paid on an hourly basis plus time- and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended payrollentries. March 15, 2017, are presented below. Federal Income Tax Withholdings Hours Hourly Employee Ben Abel Rita Hager Jack Never Sue Perez $15.00 16.00 13.00 13.00 United Fund $5.00 5.00 8.00 5.00 40 42 60.00 61.00 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The taxes 3%, state unemploy- following tax rates are applicable: FICA 7.65%,state income ment taxes 5.4%, and federal unemployment 0.8%. Instructions (a) Prepare a payroll register for the weekly payroll. (Use the wage-bracket withholding (a) Net pay $2,039.30 table in the text for federal income tax withholdings.) (b) Journalize the payroll on March 15, 2017, and the accrual of employer payroll taxes. (b) Payroll tax expense (c) Journalize the payment of the payroll on March 16, 2017. (d) Journalize the deposit in a Federal Reserve bank on March 31, 2017, of the FICA and (d) Cash paid $578.02 349.43 federal income taxes payable to the government. transactions and adjusting entries. P11-4A The following payroll liability accounts are included in the ledger of Harmon Journalize payroll Ianuary 1. 2017