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PLEASE ANSWER IN THIS FORMAT: (Amount in red) The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1
PLEASE ANSWER IN THIS FORMAT: (Amount in red)
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211 Salaries Payable 218 Bond Deductions Payable $ 3,400 212 Social Security Tax Payable $ 9,273 219 Medical Insurance Payable 27,000 213 Medicare Tax Payable 2,318 411 Operations Salaries Expense 950,000 214 Employees Federal Income Tax Payable 15,455 511 Officers Salaries Expense 600,000 215 Employees State Income Tax Payable 13,909 512 Office Salaries Expense 150,000 216 State Unemployment Tax Payable 1,400 519 Payroll Tax Expense 137,951 217 Federal Unemployment Tax Payable 500 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 2. Issued Check No. 410 for $3,400 to Jay Bank to purchase U.S. savings bonds for employees. 2. Issued Check No. 411 to Jay Bank for $27,046 in payment of $9,273 of social secu- rity tax, $2,318 of Medicare tax, and $15,455 of employees' federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations $43,200 Officers 27,200 Office 6,800 $77,200 Deductions: Social security tax $ 4,632 Medicare tax 1,158 Federal income tax withheld 15,440 State income tax withheld 3,474 Savings bond deductions 1,700 Medical insurance deductions 4,500 30,904 Net amount $46,296 Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll. 13. Journalized the entry to record payroll taxes on employees' earnings of December 13: social security tax, $4,632; Medicare tax, $1,158; state unemployment tax, $350; federal unemployment tax, $125. 16. Issued Check No. 424 to Jay Bank for $27,020, in payment of $9,264 of social secu- rity tax, $2,316 of Medicare tax, and $15,440 of employees' federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for $31,500 in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations $42,800 Officers 28,000 Office 7,000 $77,800 Deductions: Social security tax $ 4,668 Medicare tax 1,167 Federal income tax withheld 15,404 State income tax withheld 3,501 Savings bond deductions 1,700 26,440 Net amount $51,360 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll. 27. Journalized the entry to record payroll taxes on employees' earnings of Decem- ber 27: social security tax, $4,668; Medicare tax, $1,167; state unemployment tax, $225; federal unemployment tax, $75. 27. Issued Check No. 543 for $20,884 to State Department of Revenue in payment of employees' state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for $3,400 to purchase U.S. savings bonds for employees. 31. Paid $45,000 to the employee pension plan. The annual pension cost is $60,000. Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll. 13. Journalized the entry to record payroll taxes on employees' earnings of December 13: social security tax, $4,632; Medicare tax, $1,158; state unemployment tax, $350; federal unemployment tax, $125. 16. Issued Check No. 424 to Jay Bank for $27,020, in payment of $9,264 of social secu- rity tax, $2,316 of Medicare tax, and $15,440 of employees' federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for $31,500 in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations $42,800 Officers 28,000 Office 7,000 $77,800 Deductions: Social security tax $ 4,668 Medicare tax 1,167 Federal income tax withheld 15,404 State income tax withheld 3,501 Savings bond deductions 1,700 26,440 Net amount $51,360 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll. 27. Journalized the entry to record payroll taxes on employees' earnings of Decem- ber 27: social security tax, $4,668; Medicare tax, $1,167; state unemployment tax, $225; federal unemployment tax, $75. 27. Issued Check No. 543 for $20,884 to State Department of Revenue in payment of employees' state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for $3,400 to purchase U.S. savings bonds for employees. 31. Paid $45,000 to the employee pension plan. The annual pension cost is $60,000. Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, $8,560; officers salaries, $5,600; office salaries, $1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, $15,000. Dec N Incorrect Incorrect 2 Incorrect Incorrect Incorrect Incorrect 13 Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect 13 Incorrect Incorrect 13 Incorrect Incorrect Incorrect Incorrect Incorrect 16 Incorrect Incorrect Incorrect Incorrect 19 Incorrect Incorrect Dec. 27 Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect 27 Incorrect Incorrect 27 Incorrect Incorrect Incorrect Incorrect Incorrect 27 Incorrect Incorrect 31 Incorrect Incorrect 31 Incorrect Incorrect Incorrect
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