SHEET AL... Payroll accounts and year-end entries Instructions Chart of Accounts Journal Instructions The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: Account Name Balance Account No. 211 Salaries Payable 212 Social Security Tax Payable $9,280 213 Medicare Tax Payable 2,320 214 15,460 215 13,908 216 1,320 550 217 218 Employees Federal Income Tax Payable Employees State Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Bond Deductions Payable Medical Insurance Payable Operations Salaries Expense Officers Salaries Expense Office Salaries Expense $3,800 219 19,800 411 960,000 511 600,000 150,000 512 519 Payroll Tax Expense 137.951 The following transactions relating to payroll payroll deductions, and payroll taxes occurred during December Check My Work Liabilities & Payroll eBook Calculator On page 10 of the journal NKSHEET.AL. Dec 2 2. Issued Check No. 410 for $3,800 to Jay Bank to purchase U.S. savings bonds for employees, Issued Check No 411 to Jay Bank for $27,060 in payment of $9,280 of social security tax, $2,320 of Medicare tax, and $15,460 of employees' federal income tax due. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13 Salary distribution: Operations $41,000 Officers 27,600 Office 6.400 $75,000 Deductions Social security tax $ 4,500 Medicare tax 1.125 Federal income tax withheld 15,000 State income tax withheld 3,375 Savings bond deductions 1.900 Medical insurance deductions 3,300 29,200 Net amount $45,800 13 HEET.AL 13 Calcul Issued Check No. 420 in payment of the net amount of the biweekly payroll. Journalized the entry to record payroll taxes on employees' earnings of December 13: social security tax, S4,500; Medicare tax, $1.125; state unemployment tax, $330; federal unemployment tax, $115. Issued Check No 424 to Jay Bank for $26,250, in payment of $9,000 of social security tax, $2.250 of Medicare tax, and $15,000 of employees' federal income tax due. Issued Check No. 429 to Sims-Walker Insurance Company for $23.100 in payment of the semiannual premium on the group medical insurance policy. 16 19 On page 11 of the journal: Dec Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations $40 600 Officers 28.400 Office 6,600 $75,600 Deductions: Social security tax $4,536 Medicare tax 1,134 Federal income tax withheld 14,964 State income tax withheld 3.402 eBook Calculator Savings bond deductions 1,900 25,936 AL. Net amount $49.664 27 27 27 Issued Check No. 541 in payment of the net amount of the biweekly payroll Journalized the entry to record payroll taxes on employees' earnings of December 27: social security tax $4,536; Medicare tax, S1,134; state unemployment tax, $230; federal unemployment tax, $65. Issued Check No. 543 for $20,685 to State Department of Revenue in payment of employees' state income tax due on December 31. Issued Check No. 545 to Jay Bank for $3,800 to purchase U.S. savings bonds for employees Paid $51,000 to the employee pension plan. The annual pension cost is $68,000. (Record both the payment and unfunded pension liability) 31 31 Required: 1. Journalize the transactions on pages 10 and 11 of the journal. Refer to the Chart of Accounts for exact wording of account titles. 2. On page 12 of the journal, journalize the following adjusting entries on December 31 (refer to the Chart of Accounts for exact wording of account titles): a. Salaries accrued operations salaries. $8,540, officers salaries, $5,640; office salaries, S1,390. The payroll taxes are immaterial and are not accrued b. Vacation pay. $14.700 Chart of Accounts CHART OF ACCOUNTS ANKSHEET.AL.. Garcon Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 511 Officers Salaries Expense 512 Office Salaries Expense 513 Operations Salaries Expense 519 Payroll Tax Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Social Security Tax Payable eBook s Calculator 536 Vacation Pay Expense ANKSHEET.AL 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense 213 Medicare Tax Payable 214 Employees Federal Income Tax Payable 215 Employees State Income Tax Payable 216 State Unemployment Tax Payable 217 Federal Unemployment Tax Payable 218 Bond Deductions Payable 219 Medical Insurance Payable 220 Interest Payable 221 Notes Payable 226 Vacation Pay Payable 227 Untunded Pension Liability 228 Product Warranty Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Journal Journal 05.BLANKSHEET.AL... 1. Journalize the transactions on pages 10 and 11 of the journal. Refer to the Chart of Accounts for exact wording of account titles Scroll down to access pages 11 and 12 of the journal PAGE 10 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS ANTINCERATION EQUITY 1 $ 7 1 7 10 11 Togress: 1/1 items Check My Work ignment Score: 0.0% All work saved. Email instructor Submit eBook Calculator 13 HEETAL... 14 15 16 11 18 19 20 22 23 74 25 26 17 28 29 PAGE 1 PAGE 11 BLANKSHEET.AL JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS ACCOUNTING. FOUNTION LIABILITIES EQUITY 1 2 3 4 5 7 8 11 15 36 18 05 BLANKSHEET AL. 19 20 21 22 25 2. On page 12 of the journal, journalize the following adjusting entries on December 31 (refer to the Chart of Accounts for exact wording of account files) a. Salaries accrued operations salaries, $8,540 officers salaries, $5,640 office salanes, $1.390. The payroll taxes are immaterial and are not accrued b. Vacation pay, $14.700. PAGE 12 JOURNAL DATE POST. REF DESIT CREDIT ACCOUNTING FOLATION ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries 1 2 Check My Work SHEET AL... Payroll accounts and year-end entries Instructions Chart of Accounts Journal Instructions The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: Account Name Balance Account No. 211 Salaries Payable 212 Social Security Tax Payable $9,280 213 Medicare Tax Payable 2,320 214 15,460 215 13,908 216 1,320 550 217 218 Employees Federal Income Tax Payable Employees State Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Bond Deductions Payable Medical Insurance Payable Operations Salaries Expense Officers Salaries Expense Office Salaries Expense $3,800 219 19,800 411 960,000 511 600,000 150,000 512 519 Payroll Tax Expense 137.951 The following transactions relating to payroll payroll deductions, and payroll taxes occurred during December Check My Work Liabilities & Payroll eBook Calculator On page 10 of the journal NKSHEET.AL. Dec 2 2. Issued Check No. 410 for $3,800 to Jay Bank to purchase U.S. savings bonds for employees, Issued Check No 411 to Jay Bank for $27,060 in payment of $9,280 of social security tax, $2,320 of Medicare tax, and $15,460 of employees' federal income tax due. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13 Salary distribution: Operations $41,000 Officers 27,600 Office 6.400 $75,000 Deductions Social security tax $ 4,500 Medicare tax 1.125 Federal income tax withheld 15,000 State income tax withheld 3,375 Savings bond deductions 1.900 Medical insurance deductions 3,300 29,200 Net amount $45,800 13 HEET.AL 13 Calcul Issued Check No. 420 in payment of the net amount of the biweekly payroll. Journalized the entry to record payroll taxes on employees' earnings of December 13: social security tax, S4,500; Medicare tax, $1.125; state unemployment tax, $330; federal unemployment tax, $115. Issued Check No 424 to Jay Bank for $26,250, in payment of $9,000 of social security tax, $2.250 of Medicare tax, and $15,000 of employees' federal income tax due. Issued Check No. 429 to Sims-Walker Insurance Company for $23.100 in payment of the semiannual premium on the group medical insurance policy. 16 19 On page 11 of the journal: Dec Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations $40 600 Officers 28.400 Office 6,600 $75,600 Deductions: Social security tax $4,536 Medicare tax 1,134 Federal income tax withheld 14,964 State income tax withheld 3.402 eBook Calculator Savings bond deductions 1,900 25,936 AL. Net amount $49.664 27 27 27 Issued Check No. 541 in payment of the net amount of the biweekly payroll Journalized the entry to record payroll taxes on employees' earnings of December 27: social security tax $4,536; Medicare tax, S1,134; state unemployment tax, $230; federal unemployment tax, $65. Issued Check No. 543 for $20,685 to State Department of Revenue in payment of employees' state income tax due on December 31. Issued Check No. 545 to Jay Bank for $3,800 to purchase U.S. savings bonds for employees Paid $51,000 to the employee pension plan. The annual pension cost is $68,000. (Record both the payment and unfunded pension liability) 31 31 Required: 1. Journalize the transactions on pages 10 and 11 of the journal. Refer to the Chart of Accounts for exact wording of account titles. 2. On page 12 of the journal, journalize the following adjusting entries on December 31 (refer to the Chart of Accounts for exact wording of account titles): a. Salaries accrued operations salaries. $8,540, officers salaries, $5,640; office salaries, S1,390. The payroll taxes are immaterial and are not accrued b. Vacation pay. $14.700 Chart of Accounts CHART OF ACCOUNTS ANKSHEET.AL.. Garcon Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 511 Officers Salaries Expense 512 Office Salaries Expense 513 Operations Salaries Expense 519 Payroll Tax Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Social Security Tax Payable eBook s Calculator 536 Vacation Pay Expense ANKSHEET.AL 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense 213 Medicare Tax Payable 214 Employees Federal Income Tax Payable 215 Employees State Income Tax Payable 216 State Unemployment Tax Payable 217 Federal Unemployment Tax Payable 218 Bond Deductions Payable 219 Medical Insurance Payable 220 Interest Payable 221 Notes Payable 226 Vacation Pay Payable 227 Untunded Pension Liability 228 Product Warranty Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Journal Journal 05.BLANKSHEET.AL... 1. Journalize the transactions on pages 10 and 11 of the journal. Refer to the Chart of Accounts for exact wording of account titles Scroll down to access pages 11 and 12 of the journal PAGE 10 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS ANTINCERATION EQUITY 1 $ 7 1 7 10 11 Togress: 1/1 items Check My Work ignment Score: 0.0% All work saved. Email instructor Submit eBook Calculator 13 HEETAL... 14 15 16 11 18 19 20 22 23 74 25 26 17 28 29 PAGE 1 PAGE 11 BLANKSHEET.AL JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS ACCOUNTING. FOUNTION LIABILITIES EQUITY 1 2 3 4 5 7 8 11 15 36 18 05 BLANKSHEET AL. 19 20 21 22 25 2. On page 12 of the journal, journalize the following adjusting entries on December 31 (refer to the Chart of Accounts for exact wording of account files) a. Salaries accrued operations salaries, $8,540 officers salaries, $5,640 office salanes, $1.390. The payroll taxes are immaterial and are not accrued b. Vacation pay, $14.700. PAGE 12 JOURNAL DATE POST. REF DESIT CREDIT ACCOUNTING FOLATION ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries 1 2 Check My Work