Question
pay roll accounts and year end entries Payroll Accounts and Year-End Entries T he following with the balances indicated, appear in the ledger Of Garcon
pay roll accounts and year end entries
Payroll Accounts and Year-End Entries T he following with the balances indicated, appear in the ledger Of Garcon co. on December 1 Of the Current year: $17,100 301,000 258,000 Is-Ta in payment the semiannual premium on tre group medical insurance policy. MediQre tax 211 212 213 214 215 216 217 218 219 411 511 512 519 Salaries payable Social Security Tax payable Medicare Tax payable Employees Federal Income Tax Payable Employees State Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Retirement Savings Deductions Payable Medical Insurance Payable Operations Salaries Expense Officers Salaries Expense Office Salaries payroll Tax Expense I"ued No. 543 $40,365 to State of in of state Iued No. 545 to Jay Bank $7,000 a retirt mings for Paid the glen. The annual is (Rord both the 4,500 27 aso 27,000 2,850 7,000 52,200 and payroll taxes occurred during December: Requ i red: joumalize the uansactions_ Fey a transaction, if an amount does an entry, and of For Dmber 30th payroll, The following transactions relating to payroll, payroll deductions, No. 410 mr 9,000 to Jay Bank to invest in a reti No. 411 to Jay Bank 549,350 in of $17, nt avins for employee 100 f o tax, $4, SOO tax, and 527,750 of Journalized the entry to the A of the payroll follows: salary Med Net amount withheld deductW. dZuctions 53,000 13,000 sg,00d 2,2Sd 6,7Sd 3,sod 8,700 $150,000 $92,050 No. 420 Journalized the entry to pav cnt of thc ncR amount ofttw Sinocklv pavroll to K;nd thc payroll retord payroll taxes on Of 13; Security tax, $9,000; tax, $2,250; State unemplovrnent tax Issued No. 424 to SSO,2SO. in $18,000 Issued 429 to Sims-walker company for $52,200, sum marv of of tax, $4,900 of M d e end $27.7SO Of follow fede ral the entry to the biweekly payroll. A orr,ee social security withheld ,non 53,000 13,000 $147,000 State tax "ithheld savings deductimms $8,870 2.20s 26,901 6,615 3.soo 48,041 $98,gsg ISSued Check NO. 541 in Of the net amount Of the biweekly to fund the bank account. the entry to earnings of 27: tax, 58,820' M dicare tax, $2,209 state urm*ovrn ssss; .10umalize the vajusting entry on December 31, salaries salaries, 38,100; officers salaries, $5,300- , offiee Salaries, $1,300. The a if an amount not Debit credit adjust.rva December 31; Vocation Day, $27,700. an entry, it blank. 3-Taxes 19-1ns. 27 27 27 I-gonds Account Debit
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