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Copperfield and Company X You've just started your first accounting job, as the accounts payable and payroll clerk for Copperfield and Company, a provider of delicate wine glasses to restaurants. Your predecessor left his job suddenly, and was not able to complete all his tasks before leaving. You need to get up to speed and complete the unfinished tasks as soon as possible. Your tasks on your first day are the following: 1. Review the payroll register to determine if there are any errors or omissions. 2. Compute the relevant amounts for the company's note payable and determine whether your predecessor's journal entries are correct. 3. Make a recommendation as to whether the company should journalize any warranty expense for the month. You decide to get started - the sooner the better! Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 112 Accounts Receivable 610 Interest Revenue 113 Interest Receivable 114 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 117 Supplies 520 Wages Expense 118 Prepaid Insurance 523 Delivery Expense 120 Land 524 Depreciation Expense-Building 123 Building 526 Repairs Expense 124 Accumulated Depreciation-Building 529 Selling Expenses 125 Office Equipment 531 Rent Expense 126 Accumulated Depreciation Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 534 Supplies Expense 210 Accounts Payable 535 Payroll Tax Expense 213 Interest Payable 538 Cash Short and Over 215 Notes Payable 539 Product Warranty Expense 216 Wages Payable 540 Miscellaneous Expense 217 Social Security Tax Payable 710 Interest Expense 218 Medicare Tax Payable 219 Employees Federal Income Tax Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 228 Product Warranty Payable EQUITY 310 D. Copperfield, Capital 311 D. Copperfield, Drawing Payroll Since this is your first day, you're relieved to find that the company has only three employees in the main office that have not yet been reviewed. The partial payroll register for these employees follows. Some data is missing, and other data may be in error. Each of these employees earns $20.00 per hour, and the company follows the Fair Labor Standards Act in paying overtime to its employees. You have been assured that the Federal Income Tax withholding and check numbers are correct, so you do not need to check those figures. Note 1: For 2016, the social security tax rate was 6.2% and the medicare tax rate was 1.45%. However, for text examples and problems, including this one, use rates of 6% for social security tax and 1.5% for medicare tax. Note 2: Earnings subject to the social security tax are limited to an annual threshold amount, but for text examples and problems, including this one, assume all accumulated annual earnings are below this threshold and subject to the tax. Review the following payroll register, which was prepared by your predecessor, and then scroll down to complete a corrected payroll register. If there is no amount or an amount is zero, enter 0. Round your interim computations to the nearest cent, if required. Earnings Deductions Withheld Paid Accounts Debited Total Social Medicare Federal Wages Employee Name Hours Regular Overtime Total Security Tax Tax Income Tax Total Net Pay Check No. Expense Dartle, Rosa 40 800.00 800.00 12.00 48.00 52.25 112.25 687.75 2355 687.75 Traddles, Thomas 45 900.00 900.00 13.50 54.00 63.75 131.25 768.75 2557 768.75 Wickfield, Agnes 40 800.00 800.00 12.00 48.00 32.55 92.55 707.45 2892 707.45 Total 2,500.00 $0.00 2,500.00 37.50 150.00 148.55 336.05 2,163.95 2,163.95 Earnings Deductions Withheld Paid Accounts Debited Total Social Medicare Federal Wages Employee Name Hours Regular Overtime Total Security Tax Tax Income Tax Total Net Pay Check No. Expense Dartle, Rosa 40 800.00 0.00 800.00 48.00 12.00 52.25 112.25 687.75 2355 Traddles, Thomas 45 150.00 63.75 2557 Wickfield, Agnes 40 800.00 0.00 800.00 48.00 12.00 32.55 92.55 707.45 2892 Total 150.00 148.55 Points: 16/32 Short-Term Note Payable Shaded cells have feedback. Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DEBIT 200,000.00 1 Jul. 10 Accounts Payable 2 Notes Payable 200,000.00 f 3 Notes Payable 212,000.00 1 4 Accounts Payable 200,000.00 5 Interest Expense 12,000.00 1 You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. Show the journal entry for payment of the note at maturity as it should have been entered. Don't forget to include the date. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 25 JOURNAL Score: 16/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 Notes Payable 3 Cash 203,000.00 + RPoints: 3.03 / 7 Copperfield and Company X You've just started your first accounting job, as the accounts payable and payroll clerk for Copperfield and Company, a provider of delicate wine glasses to restaurants. Your predecessor left his job suddenly, and was not able to complete all his tasks before leaving. You need to get up to speed and complete the unfinished tasks as soon as possible. Your tasks on your first day are the following: 1. Review the payroll register to determine if there are any errors or omissions. 2. Compute the relevant amounts for the company's note payable and determine whether your predecessor's journal entries are correct. 3. Make a recommendation as to whether the company should journalize any warranty expense for the month. You decide to get started - the sooner the better! Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 112 Accounts Receivable 610 Interest Revenue 113 Interest Receivable 114 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 117 Supplies 520 Wages Expense 118 Prepaid Insurance 523 Delivery Expense 120 Land 524 Depreciation Expense-Building 123 Building 526 Repairs Expense 124 Accumulated Depreciation-Building 529 Selling Expenses 125 Office Equipment 531 Rent Expense 126 Accumulated Depreciation Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 534 Supplies Expense 210 Accounts Payable 535 Payroll Tax Expense 213 Interest Payable 538 Cash Short and Over 215 Notes Payable 539 Product Warranty Expense 216 Wages Payable 540 Miscellaneous Expense 217 Social Security Tax Payable 710 Interest Expense 218 Medicare Tax Payable 219 Employees Federal Income Tax Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 228 Product Warranty Payable EQUITY 310 D. Copperfield, Capital 311 D. Copperfield, Drawing Payroll Since this is your first day, you're relieved to find that the company has only three employees in the main office that have not yet been reviewed. The partial payroll register for these employees follows. Some data is missing, and other data may be in error. Each of these employees earns $20.00 per hour, and the company follows the Fair Labor Standards Act in paying overtime to its employees. You have been assured that the Federal Income Tax withholding and check numbers are correct, so you do not need to check those figures. Note 1: For 2016, the social security tax rate was 6.2% and the medicare tax rate was 1.45%. However, for text examples and problems, including this one, use rates of 6% for social security tax and 1.5% for medicare tax. Note 2: Earnings subject to the social security tax are limited to an annual threshold amount, but for text examples and problems, including this one, assume all accumulated annual earnings are below this threshold and subject to the tax. Review the following payroll register, which was prepared by your predecessor, and then scroll down to complete a corrected payroll register. If there is no amount or an amount is zero, enter 0. Round your interim computations to the nearest cent, if required. Earnings Deductions Withheld Paid Accounts Debited Total Social Medicare Federal Wages Employee Name Hours Regular Overtime Total Security Tax Tax Income Tax Total Net Pay Check No. Expense Dartle, Rosa 40 800.00 800.00 12.00 48.00 52.25 112.25 687.75 2355 687.75 Traddles, Thomas 45 900.00 900.00 13.50 54.00 63.75 131.25 768.75 2557 768.75 Wickfield, Agnes 40 800.00 800.00 12.00 48.00 32.55 92.55 707.45 2892 707.45 Total 2,500.00 $0.00 2,500.00 37.50 150.00 148.55 336.05 2,163.95 2,163.95 Earnings Deductions Withheld Paid Accounts Debited Total Social Medicare Federal Wages Employee Name Hours Regular Overtime Total Security Tax Tax Income Tax Total Net Pay Check No. Expense Dartle, Rosa 40 800.00 0.00 800.00 48.00 12.00 52.25 112.25 687.75 2355 Traddles, Thomas 45 150.00 63.75 2557 Wickfield, Agnes 40 800.00 0.00 800.00 48.00 12.00 32.55 92.55 707.45 2892 Total 150.00 148.55 Points: 16/32 Short-Term Note Payable Shaded cells have feedback. Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DEBIT 200,000.00 1 Jul. 10 Accounts Payable 2 Notes Payable 200,000.00 f 3 Notes Payable 212,000.00 1 4 Accounts Payable 200,000.00 5 Interest Expense 12,000.00 1 You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. Show the journal entry for payment of the note at maturity as it should have been entered. Don't forget to include the date. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 25 JOURNAL Score: 16/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 Notes Payable 3 Cash 203,000.00 + RPoints: 3.03 / 7
