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The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: On page 10 of the journal: Dec. 2 Issued Check No. 410 for $4,000 to Jay Bank to purchase U.S. savings bonds for employees. 2 Issued Check No. 411 to Jay Bank for $27,046 in payment of $8,270 of social security tax, $2,306 of Medicare tax, and $15,470 of employees' federal income tax due. 13 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13 Issued Check No. 420 in payment of the net amount of the biweekly payroll. 13 Journalized the entry to record payroll taxes on employees' earnings of December 13: social security tax, \$4,392; Medicare tax, \$1,098; state unemployment tax, \$330; federal unemployment tax, \$105. 16 Issued Check No. 424 to Jay Bank for $25,620, in payment of $8,784 of social security tax, $2,196 of Medicare tax, and $14,840 of employees' federal income tax due. 19 Issued Check No. 429 to Sims-Walker Insurance Company for $23,100 in payment of the semiannual premium on the group medical insurance policy. On page 11 of the joumal: Dec. 27 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27 Issued Check No. 541 in payment of the net amount of the biweekly payroll. 27 Journalized the entry to record payroll taxes on employees' earnings of December 27 : social security tax, \$4,428; Medicare tax, \$1,107; state unemployment tax, \$230; federal unemployment tax, \$60. 27 Issued Check No. 543 for $20,533 to State Department of Revenue in payment of employees' state income tax due on December 31. 31 Issued Check No. 545 to Jay Bank for $4,000 to purchase U.S. savings bonds for employees. 31 Paid $51,000 to the employee pension plan. The annual pension cost is $88,000. (Record both the payment and unfunded pension liability.) 1. Joumalize the transactions on pages 10 and 11 of the journal. Refer to the Chart of Accounts for exact wording of account tides. 2. On page 12 of the joumal, joumalize the following adjusting entries on December 31 (refer to the Chart of Accounts for exact wording of account titles): a. Salaries accrued: operations salaries, $8,550; officers salaries, $5,570; office salaries, $1,440. The payroll taxes are immaterial and are not accrued. b. Vacation pay, $15,200
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