Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve my accounting problem 16 Nakajura Company provides its employees with vacation benefits and a deflned contribution oension plan. Employees earned vacation pay of

please solve my accounting problem
16
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Nakajura Company provides its employees with vacation benefits and a deflned contribution oension plan. Employees earned vacation pay of $23,000 for the period. The pension plan requires a contribution to the plan administrator equat to 6% of employee salaries. Salaries were $262,000 during the period, and the full amount due was contributed to the pension plan administratot. Required: On Decamber 34 , provide the joumal-enty for the (a) vacation pay on page iff of the joumal and (b) pension benefit on page 12 of the journal. Refer to the chart of accounts for the exact wording of the account twtes CNOW joumals do not use Nines for journal explanations. Every line on a joumal poge is used for debit or credit entries. CNOW joumals wit aubomatically indent a credit entry when a credif amount is entered Chart of Accounts CHART OF ACCOUNTS Nakajima Company General Ledger ASSETS 110 Cash 111 Accounts Receivable. 112 Interest Receivable 113 Notert Receivable 115 Merchandise inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Orfice Equipment REVENUE 410 Sales 510 Interest Revenue EXPENSES 510 Cost of Merchandse Sold 520 Salanes Expense 524 Deprecation Expense-Bulding 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532. Depreciation Expense-Otfice Equipment Chart of Accounts 126 Accumulated Depreciation-Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and over 539 Product Warranty Expense 540 Miscallaneous Expense 710 Interest Expense When a croat peocout is anteved Nakajura Company provides its employees with vacation benefits and a deflned contribution oension plan. Employees earned vacation pay of $23,000 for the period. The pension plan requires a contribution to the plan administrator equat to 6% of employee salaries. Salaries were $262,000 during the period, and the full amount due was contributed to the pension plan administratot. Required: On Decamber 34 , provide the joumal-enty for the (a) vacation pay on page iff of the joumal and (b) pension benefit on page 12 of the journal. Refer to the chart of accounts for the exact wording of the account twtes CNOW joumals do not use Nines for journal explanations. Every line on a joumal poge is used for debit or credit entries. CNOW joumals wit aubomatically indent a credit entry when a credif amount is entered Chart of Accounts CHART OF ACCOUNTS Nakajima Company General Ledger ASSETS 110 Cash 111 Accounts Receivable. 112 Interest Receivable 113 Notert Receivable 115 Merchandise inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Orfice Equipment REVENUE 410 Sales 510 Interest Revenue EXPENSES 510 Cost of Merchandse Sold 520 Salanes Expense 524 Deprecation Expense-Bulding 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532. Depreciation Expense-Otfice Equipment Chart of Accounts 126 Accumulated Depreciation-Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and over 539 Product Warranty Expense 540 Miscallaneous Expense 710 Interest Expense When a croat peocout is anteved

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

Business Accounting Uk Gaap Volume 1

Authors: Frank Wood, Alan Sangster

1st Edition

0273718762, 9780273718765

More Books

Students also viewed these Accounting questions

Question

Explain all drawbacks of application procedure.

Answered: 1 week ago