Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment

image text in transcribedimage text in transcribed

please help

2.Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.

Mary Losch operates a travel agency called Mary's Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal.

Mary's Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20, are given below. Employees are paid 1 times the regular rate for working over 40 hours a week.

image text in transcribedimage text in transcribed
General Journal X blank. Page: 1 DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-- Mar. 24 H N m w 4 Un1 U1 N N Co Co 10 Payroll for week ended March 22 10Instructions Payroll Register and Payroll Journal Entry the nearest cent . Mary Losch operates a travel agency called Mary's Luxury Travel . She has five employees , all of whom are paid on a weekly basis . The travel agency uses a payroll register , individual employee earnings records , and a general journal . hours a week . No . Of Marital Total Hours Total Earnings Name Allowances Status Worked Mar . 16 - 22\\ Rate Jan . 1 - Mar . 15 Bacon , Andrea 45 $ 12 $5, 480 Cole , Andrew 1 40 12 5 , 750 Hicks , Melvin 3 M 4 4 10. 50 4 , 250 Leung , Cara 36 1 1 5 , 125.50 Melling , Melissa 40 10.50 4 , 720.50 $5 withheld for health insurance . Bacon and Leung have $ 20 withheld to be invested in the travel agency's credit union . Cole has $38 . 75 withheld and Hicks has $18 . 75 withheld under a savings bond purchase plan .* Mary's Luxury Travel 's payroll is met by drawing checks on its regular bank account . The checks were issued in sequence , beginning with Check No. 423

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

Payroll Accounting 2018

Authors: Bernard J. Bieg, Judith Toland

28th edition

1337291056, 978-1337291057, 1337291137, 9781337291132, 9781337516686 , 978-1337291040

More Books

Students also viewed these Accounting questions