Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please complete all requierments Requirements 1. Using the T-accounts opened for you, insert the unadjusted June 30 balances. 2. Journalize and post the June 30

please complete all requierments
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Requirements 1. Using the T-accounts opened for you, insert the unadjusted June 30 balances. 2. Journalize and post the June 30 payroll and adjusting entries to the accounts. Identify each adjusting entry by letter. Round to the nearest dollar. 3. Prepare the current liabilities section of the balance sheet at June 30, 2024. Print Done entries The general ledger of Speedy Ship at June 30, 2024. the end of the company's fiscal year, includes the following account balances before payroll and adjusting Click the icon to view the account balances.) The additional data needed to develop the payroll and adjusting entries at June 30 are as follows: Click the icon to view the additional information) (Click the icon to view payroll tax rate information.) Read the requirements Requirements 1 and 2. Using the T-accounts opened for you, insert the unadjusted June 30 balances. Journalize and post the June 30 adjusting entries to the accounts. Identify each adjusting entry by lotter. Round to the nearest dollar We will start with Requirement 2. journalizing the journal entries, to assist us in posting to the T-accounts. (Record debits Hist, then credits. Select the explanation on the last line of the journal entry table) a. The long-term debt is payable in annual installments of $36,000, with the next installment due on July 31. On that date, Speedy Ship will also pay one year's interest at 9%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end, Accounts and explanation Debit Credit (a) Interest Expense Interest Payable Date To accrue interest expense al year-end. Data table 111,000 0 0 0 0 Accounts Payable Interest Payable Salaries Payable Employee Income Taxes Payable FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Unearned Rent Revenue Long-Term Notes Payable 0 0 0 6,300 180,000 Print Done 11111 More info a. The long-term debt is payable in annual installments of $36,000, with the next installment due on July 31. On that date, Speedy Ship will also pay one year's interest at 9%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end. b. Gross unpaid salaries for the last payroll of the fiscal year were $4,000. Assume that employee income taxes withheld are $980 and that all earnings are subject to OASDI. c. Record the associated employer taxes payable for the last payroll of the fiscal year, $4,000. Assume that the earnings are not subject to unemployment compensation taxes. d. On February 1, the company collected one year's rent of $6,300 in advance. Print Done More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done

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

Intermediate Accounting Reporting And Analysis, 2017 Update

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd Edition

1337505625, 9781337505628

More Books

Students also viewed these Accounting questions