Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show work. Everything is provided. Journalize each of the payroll transactions listed below. Post all entries except the last two to the appropriate general

Please show work.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Everything is provided.
Journalize each of the payroll transactions listed below. Post all entries except the last two to the appropriate general ledger accounts. The journal page and the ledger accounts are supplied below. The balances listed an the general ledger accounts for Cash, FUTA Taxes Payable, SUTA - Taxes Payable, Employees SIT Payable, Wages and Salaries, and Payroll Taxes are the results of all payroll transactions for the first quarter, not including the last pay of the quarter. The balances in FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable are the amounts due from the March 15 payrol. March 31, 20--. Paid total wages of $9,350,00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI), In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees wages. March 31,20 -- Record the employer's payroll taxes for the last pay in March. All of the earnings are taxable under FICA (OASDI and HI), FUTA (O.6\%6), and SUTA (2.8%) April 15,20-; Made a deposit to remove the liability for the FICA taxes and the employees' federal income taxes withheld on the two March payrolls. May 2,20-; Made the deposit to remove the liability for FuTA taxes for the first quarter of 20 .. May 2, 20-; Filed the state unemployment contributions retum for the first quarter of 20 -. and paid the total amount owed for the quarter to the state unemployment compensation fund. May 2,20 Filed the state income tax return for the first quarter of 20 - and paid the total amount owed for the quarter to the state income tax bureau, December 31,20 - In July 20%, the compary changed from a semimonthly pay system to a weekly pay systern. The employees were paid every Friday through the rest of 20 -., Record the adjusting entry for wages accrued at the end of December (\$770) but not paid until the first Friday in December 31,20 In July 20, the company changed from a semmonthly pay system to a weekly pay system. The employees were paid every Friday through the rest of 20 -. Record the adjusting entry for wages accrued at the end of December (\$770) but not paid uritil the first Friday in January, Do not post this entry. December 31,20 -.: The company has determined that employees have earned $19,300 in unused vacation time, Record the adjusting entry to put this expense on the books, Do not post this entry. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. - Ceeduryion If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an anount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Journalize each of the payroll transactions listed below. Post all entries except the last two to the appropriate general ledger accounts. The journal page and the ledger accounts are supplied below. The balances listed an the general ledger accounts for Cash, FUTA Taxes Payable, SUTA - Taxes Payable, Employees SIT Payable, Wages and Salaries, and Payroll Taxes are the results of all payroll transactions for the first quarter, not including the last pay of the quarter. The balances in FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable are the amounts due from the March 15 payrol. March 31, 20--. Paid total wages of $9,350,00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI), In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees wages. March 31,20 -- Record the employer's payroll taxes for the last pay in March. All of the earnings are taxable under FICA (OASDI and HI), FUTA (O.6\%6), and SUTA (2.8%) April 15,20-; Made a deposit to remove the liability for the FICA taxes and the employees' federal income taxes withheld on the two March payrolls. May 2,20-; Made the deposit to remove the liability for FuTA taxes for the first quarter of 20 .. May 2, 20-; Filed the state unemployment contributions retum for the first quarter of 20 -. and paid the total amount owed for the quarter to the state unemployment compensation fund. May 2,20 Filed the state income tax return for the first quarter of 20 - and paid the total amount owed for the quarter to the state income tax bureau, December 31,20 - In July 20%, the compary changed from a semimonthly pay system to a weekly pay systern. The employees were paid every Friday through the rest of 20 -., Record the adjusting entry for wages accrued at the end of December (\$770) but not paid until the first Friday in December 31,20 In July 20, the company changed from a semmonthly pay system to a weekly pay system. The employees were paid every Friday through the rest of 20 -. Record the adjusting entry for wages accrued at the end of December (\$770) but not paid uritil the first Friday in January, Do not post this entry. December 31,20 -.: The company has determined that employees have earned $19,300 in unused vacation time, Record the adjusting entry to put this expense on the books, Do not post this entry. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. - Ceeduryion If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an anount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

12th edition

1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056

Students also viewed these Accounting questions