Summary payroll data Instructions Chart of Accounts First Question Journal Instructions Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted Earnings 1. At regular rate 2. At overtime rate $66,000 3. Total earnings Deductions 4. Social security tax 29,160 5. Medicare tax 7,290 6. Federal income tax withheld 134,000 7. Medical insurance 17.010 8. Union dues i ? 9. Total deductions 194,210 10 Net amount paid 291,790 Accounts debited: 11. Factory Wages 260,000 Instructions 5. Medicare tax 7,290 6. Federal income tax withheld 134,000 7. Medical insurance 17,010 8. Union dues ? 9. Total deductions 194,210 10. Net amount paid 291,790 Accounts debited 11. Factory Wages 260,000 12. Sales Salaries ? 13. Office Salaries 120,000 Required: a Determine the amounts omitted in lines (1), (3), (8), and (12) b. On December 19, journalize the entry to record the payroll accrual." c. On December 20, journalize the entry to record the payment of the payroll." "Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable. 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment REVENUE 410 Sales: 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Factory Wages Expense 521 Sales Salaries Expense 522 Office Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 126 Accumulated Depreciation-Office Equipment 529 Selling Expenses 531 Rent Fynense As 125 Office Equipment 126 Accumulated Depreciation-Office Equipment 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 221 Medical Insurance Payable 222 Union Dues Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscellaneous Expense 710 Interest Expense structions Chart of Accounts 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 221 Medical Insurance Payable 222 Union Dues Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPA Fines Payable 230 Litigation Claims Payable 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscellaneous Expense 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing First Question a. Determine the amounts omitted in lines (1), (3), (8), and (12). (1) $ 69 (3) $ (8) $ (12) 69 $ b. On December 19, journalize the entry to record the payroll accrual." c. On December 20, journalize the entry to record the payment of the payroll. "Refer to the chart of accounts for the exact wording of the account titles, CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY DATE DESCRIPTION I 2 7 10 JOURNAL ACCOUNTING EQUATION POST REY DEBIT CREDIT ASSETS LIABILITIES EQUITY