Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Payroll register for the Prevosti Farms and Sugarhouse February and March biweekly pay periods have been provided to assist you in completing the requirements below

image text in transcribedimage text in transcribedimage text in transcribed

Payroll register for the Prevosti Farms and Sugarhouse February and March biweekly pay periods have been provided to assist you in completing the requirements below Required 1. Using the payroll registers, complete the General Journal entries as follows February 10 Journalize the employee pay February 10 Journalize the employer payroll tax for the February 10 pay period. Use 5.4 percent sUTA and 0.6 percent PUTA. No employees will exceed the FUTA or SUTA wage base February 13 Issue the employee pay February 24 Journalize the employee pay February 24 Journalize the employer payroll tax for the February 24 pay period. Use 5.4 percent sUTA and 0.6 percent PUTA. No employee will exceed the FUTA or SUTA wage base February 27 Issue the employee pay February 27 Journalize the payment of the employer payroll tax liability for the February 10 and February 24 payroll periods March 10 Journalize employee pay 10 14 Issue employee pay 24 Journalize employee pay 24 28 Issue employee pay Journalize employer payroll tax for the March 10 pay period. Use 5.4 percent SUTA and 0.6 percent PUTA. No employees will exceed the FUTA or SUTA wage base March March March March Journalize employer payroll tax for the March 24 pay period. Use 5.4 percent SUTA and 0.6 percent PUTA. No employees will exceed FUTA or SUTA wage base. March 2. Post all journal entries to the appropriate accounts on the General Ledger Complete this question by entering your answers in the tabs below General ournal PRF Feb 10 PRF Feb 24 PRF Mar 10 PRF Mar 24 eneral Ledger Post all journal entries to the appropriate accounts on the General Ledger. (Round "Hourly Rate" to 5 decimal places. Round all other intermediate computations and final answers to 2 decimal places.) PRF Feb1U PR Feb 24 PR Mar 10 PRF Mar 24 eneral Ledge Journal Post all journal entries to the appropriate accounts on the General Ledger. (Round "Hourly Rate" to 5 decimal places. Round all other intermediate computations and final answers to 2 decimal places.) Account: Cash Account: Employee Federal Income Tax Payable Date Date Debit Credit Balance Debit Credit Balance 28,306.00 eb 13 eb 27 eb 27 Account: Social Security Tax Payable Account: Medicare Tax Payable Date Debit Credit Balance Date Debit Credit Balance Account: Employee State Income Tax Payable Account: 401(k) Contributions Payable Date Debit Credit Balance Date Debit Credit Balance Account: Health Insurance Payable Account: Salaries and Wages Payable Date Debit Credit Balance Date Debit Credit Balance Account: FUTA Tax Payable Account: SUTA Tax Payable Date Debit Credit Balance Date Debit Credit Balance Account: Payroll Taxes Expense Account: Salaries and Wages Expense Date Debit Credit Balance Date Debit Credit Balance eb 10 eb 24 eb 27 ar 10 r 24 KGeneral Journal General Ledger Payroll register for the Prevosti Farms and Sugarhouse February and March biweekly pay periods have been provided to assist you in completing the requirements below Required 1. Using the payroll registers, complete the General Journal entries as follows February 10 Journalize the employee pay February 10 Journalize the employer payroll tax for the February 10 pay period. Use 5.4 percent sUTA and 0.6 percent PUTA. No employees will exceed the FUTA or SUTA wage base February 13 Issue the employee pay February 24 Journalize the employee pay February 24 Journalize the employer payroll tax for the February 24 pay period. Use 5.4 percent sUTA and 0.6 percent PUTA. No employee will exceed the FUTA or SUTA wage base February 27 Issue the employee pay February 27 Journalize the payment of the employer payroll tax liability for the February 10 and February 24 payroll periods March 10 Journalize employee pay 10 14 Issue employee pay 24 Journalize employee pay 24 28 Issue employee pay Journalize employer payroll tax for the March 10 pay period. Use 5.4 percent SUTA and 0.6 percent PUTA. No employees will exceed the FUTA or SUTA wage base March March March March Journalize employer payroll tax for the March 24 pay period. Use 5.4 percent SUTA and 0.6 percent PUTA. No employees will exceed FUTA or SUTA wage base. March 2. Post all journal entries to the appropriate accounts on the General Ledger Complete this question by entering your answers in the tabs below General ournal PRF Feb 10 PRF Feb 24 PRF Mar 10 PRF Mar 24 eneral Ledger Post all journal entries to the appropriate accounts on the General Ledger. (Round "Hourly Rate" to 5 decimal places. Round all other intermediate computations and final answers to 2 decimal places.) PRF Feb1U PR Feb 24 PR Mar 10 PRF Mar 24 eneral Ledge Journal Post all journal entries to the appropriate accounts on the General Ledger. (Round "Hourly Rate" to 5 decimal places. Round all other intermediate computations and final answers to 2 decimal places.) Account: Cash Account: Employee Federal Income Tax Payable Date Date Debit Credit Balance Debit Credit Balance 28,306.00 eb 13 eb 27 eb 27 Account: Social Security Tax Payable Account: Medicare Tax Payable Date Debit Credit Balance Date Debit Credit Balance Account: Employee State Income Tax Payable Account: 401(k) Contributions Payable Date Debit Credit Balance Date Debit Credit Balance Account: Health Insurance Payable Account: Salaries and Wages Payable Date Debit Credit Balance Date Debit Credit Balance Account: FUTA Tax Payable Account: SUTA Tax Payable Date Debit Credit Balance Date Debit Credit Balance Account: Payroll Taxes Expense Account: Salaries and Wages Expense Date Debit Credit Balance Date Debit Credit Balance eb 10 eb 24 eb 27 ar 10 r 24 KGeneral Journal General Ledger

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Theory And Analysis Text Reading And Cases

Authors: Richard G. Schroeder, Jack M. Cathey, Myrtle W. Clark

7th Edition

0471379549, 9780471379546

More Books

Students also viewed these Accounting questions