The following data for Throwback industries inc. relase to the cancel lor the week ended December 9: 20va: hours per week. The social security tax rate is 6.0%. and Medcace tax is 1.5% of each employee's annual eamings. The naxt psrot check to te used is Na. 901 . Required: 1. Prepare a paytol register for Throwback lnowstries inc ior the week endwd Decomber 9,20 re Astume the noimar woring hours in a week ave 40 hours. Enter amounts as posive numbers. Round your intermediate calculations and final answers to two decimat places. hours per week. The social security tax rete is 6.0%, and Medicare tax is 1.6% of each employee's anrual eamings. The next payrol check to be used is No: 501. Required: 1. Prepare a payroil register for Throwback industries inc. for the week ended December 9 , 20 ve. Ascume the normal working hours in a weak are 40 hours. Enter amounts as positive numbers. Found your intermediate calculations and final answers to fwo decimat places. 2. Journalize the entry to record the payroll for the week. Refer to the chart of accounts for the exact wording of the acoourt bites. CNOWjoumais do not use fines for journal explanations. Every ine on a joumal page is used for decit or credt entries. CNOW jourials mir aufomatically indant a credit entry when a crodit amount is entered. If required, round your answers fo two docimaf places. I. Instructions Chart of Accounts CHART OF ACCOUNTS Throwback Industries Inc. Journal Chart of Accounts Chart of Accounts (Payroll Register General Ledger \begin{tabular}{ll} \multicolumn{1}{c}{ ASSETS } & REVENUE \\ 110 Cash & 410 Sales \\ 111 Accounts Receivable & 610 Interest Revenue \\ 112 Interest Receivable & \end{tabular} 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Office Salaries Expense 118 Prepaid Insurance 521 Sales Salaries Expense 120 Land 524 Depreciation Expense-Building 123 Building 525 Delivery Expense 124 Accumulated Depreciation-Building 526 Repairs Expense 125 Office Equipment 529 Selling Expenses 126 Accumulated Depreciation-Office Equipment 531 Rent Expense 532 Depreciation Expense-Office Equipment check Wy Wark 0 more Check My Work uses remaining. niment Score: 53.38% All wo Chart of Accounts \begin{tabular}{ll} 125 Office Equipment & 529 Selling Expenses \\ 126 Accumulated Depreciation-Office Equipment & 531 Rent Expense \\ & 532 Depreciation Expense-Office Equipment \\ LlABILITIES & 533 Insurance Expense \\ 210 Accounts Payable & 534 Supplies Expense \\ 213 Interest Payable & 535 Payroll Tax Expense \\ 214 Notes Payable & 538 Cash Short and Over \\ 215 Salaries Payable & 539 Product Warranty Expense \\ 216 Social Security Tax Payable & 710 Interest Expense \\ 217 Medicare Tax Payable & \\ 218 Employees Federal Income Tax Payable & \\ 221 Retirement Savings Deductions Payable & \\ 224 Federal Unemployment Tax Payable & \\ 225 State Unemployment Tax Payable & \\ 310 Owner, Capital & \\ \hline 311 Drawing \end{tabular} insinuctiona Payrol Register Previous Question not attempted
