Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. Required: 1. Using the

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. Required: 1. Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. February 7 Journalize the employer payroll tax for the February 7 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base. February 12 Issue employee pay. February 21 Journalize the employee pay. February 21 Journalize the employer payroll tax for the February 21 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employee will exceed the FUTA or SUTA wage base. February 26 Issue employee pay. February 26 Issue payment for payroll liabilities. March 6 Journalize employee pay. March 6 Journalize employer payroll tax for the March 6 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base. March 11 Issue employee pay. March 20 Journalize employee pay. March 20 Journalize employer payroll tax for the March 20 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed FUTA or SUTA wage base. March 25 Issue employee pay. 2. Post all journal entries to the appropriate General Ledger accounts.Complete this question by entering your answers in the tabs below. PRF Feb 7 PRF Feb 21 PRF Mar 6 PRF Mar 20 General General Journal Ledger This is Prevosti's payroll register for 02/07/2020 pay date. There is nothing to be completed on this tab. Run Date 02/07/2021 Company Name: Prevosti Farms and Sugarhouse P/R end date 2/07/2021 Check Date 02/12/2021 Hourly Rate or No. of Regular No. of No. of Name Filing Status Dependents Overtime Holiday Gross Educational Taxable Taxable Period Wage Hours Commissions 401(k) Section 125 Hours Hours Earning Child Care FSA Assistance Life Insurance Long-term Care Wages for Wages for Federal W/H FICA Thomas Millen MJ 3 General PRF Feb 7 PRF Mar 20 General PRF Feb 21 PRF Mar 6 Journal Ledger Post all journal entries to the appropriate General Ledger accounts. (Round intermediate calculations and final answers to 2 decim Account: Cash Account: Employee Federal Income Tax Payable Date Debit Credit Balance Date Debit Credit Balance 44,500.00 Account: Social Security Tax Payable Account: Medicare Tax Payable Date Balance Date Debit Credit Balance Account: Employee State Income Tax Payable Account: 401(k) Contributions Payable Date Debit Credit Balance Date Debit Credit Balance Account: Health Insurance Payable Account: Salaries and Wages Payable nahitAccount: Employee State Income Tax Payable Account: 401(k) Contributions Payable Date Debit Credit Balance Date Debit Credit Balance Account: Health Insurance Payable Account: Salaries and Wages Payable Date Debit Credit Balance Date Debit Credit Balance Account: FUTA Tax Payable Account: SUTA Tax Payable Date Debit Credit Balance Date Debit Credit Balance Account: Payroll Taxes Expense Account: Salaries and Wages Expense Date Debit Credit Balance Date Debit Credit Balance General Journal General Ledger

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

Detecting Accounting Fraud Analysis And Ethics

Authors: Cecil W. Jackson

1st Edition

1292059400, 9781292059402

More Books

Students also viewed these Accounting questions