The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Ch.11 Problem eBook Entries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions \begin{tabular}{|l|c|} \hline Social security tax withheld & 39,420 \\ \hline Medicare tax withheld & 9,855 \\ \hline Retirement savings & 14,454 \\ \hline Group insurance & 11,826 \\ \hline & $192,155 \\ \hline \end{tabular} Tax rates assumed: \begin{tabular}{|l|c|} \hline Social security & 6% \\ \hline Medicare & 1.5% \\ \hline State unemployment (employer only) & 5.4% \\ \hline \end{tabular} Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31 , journalize the following entries (refer to the chart of accounts for the exact wording of the account tites. CNOW joumals do not use Mnes for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a creait ontry when a credit amount is entered): a. December 30 , to record the payroll. b. December 30 , to record the employer's payroll taxes on the payroll to be poid on December 31 , Or the total payroil for the last week of the year, $31,000 is subject to unemployment compensation taxes. entered: a. December 30 , to record the payroil. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 3f. Or the total payroll for the last week of the year, 531,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be poid on. January 5 of the following fiscal year, joumaitze the following entries (rofer to the chart of accounts for the exact wording of the account bites. CNOW joumals do not use ines for journar explanations. Every ine on a journal page is used for debit or credit entries. CNOW joumals wil automaticaliy indenta credit entry When a crealt amount is entered): a. On page if of the journat. December 30, to recond the payroll. b. On pege 12 of the joumat January 5, to record the employer's payroll faxes on the payroll to be paid on January 5 . Because if is a new fiscal year, all salaries are subject to unempioyment compensation taxes. Instructions Journal Instructions Chart of Accounts General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Recelvable 113 Notes Recelvable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Sales Salaries Expense 118 Prepaid Insurance 521 Warehouse Salaries Expense 120 Land 522. Office Salaries Expense 123. Bullding 524. Depreciation Expense-Building C v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=\&takeAssignmentSessior ebook Entries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions Chart of Accounts 124 Accumulated Depreciation-Building 525 Delivery Expense 125 Office Equipment 526 Repairs Expense 126 Accumulated Depreciation-Ofice Equipment 529 Selling Expenses 531 Rent Expense LIABILITIES 532 Depreciation Expense-Office Equipment 210 Accounts Payable 533 Insurance Expense 213 Interest Payable 534 Supplies Expense 214 Notes Payable 535 Payroll Tax Expense 215 Salarles Payable 536 Vacation Pay Expense 216 Social Security Tax Payable 537 Pension Expense 217 Medicare Tax Payable 538 Cash Short and Over 218 Employeos Federal Income Tax Payable 540 Miscellaneous Expense Instructions Chart of Accounts 220 Group insurance Payable 710 Interest Expense 221 Bond Deductions Payable 222 Retirement Savings Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability EQUITY 310 Owner, Capital 311 Owner, Drawing 1. Assuming that the peyroll for the last week of the year is to be paid on December 31, foumalize the following entries (refer to the charf of accounts for the exact wording of the account tiles. CNOW journals do not use ines for jocmal explanations. Every ine on a fournal page is used for debit or creat entries. CNOW journals will automaticaly indent a credit enty when a crodr amount is entered). a. December 30 , to record the payroll. b. December 30 , to record the employer's payroll taxes on the payrall to be paid on December 3 . Or the fotal payroil for the last week of the year, $31,000 is subject to unemployment compensafion taxes. 2. Assuming that the payrol for the last week of the year is to be paid on January 5 of the following fscar year, joumaire the following entres. frefer to the chart of accounts for the exact warting of the account boles. CwOW poumalt do not use Inos for joumal explanations Every onne on a journal page is used for debit or credr entres, CNow jocanals wat automaticaly indent a credi entry when a credt amount is ontered). a. On page it af the journat December 30, to recond the payroif b. On page 12 or the joumat January 5, to recerd the employer' payrall tarea on the payrod to be paid on Januey. 5. Because it is a new facal yeac, af salaries are subject to unemployment compensation taxes The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Ch.11 Problem eBook Entries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions \begin{tabular}{|l|c|} \hline Social security tax withheld & 39,420 \\ \hline Medicare tax withheld & 9,855 \\ \hline Retirement savings & 14,454 \\ \hline Group insurance & 11,826 \\ \hline & $192,155 \\ \hline \end{tabular} Tax rates assumed: \begin{tabular}{|l|c|} \hline Social security & 6% \\ \hline Medicare & 1.5% \\ \hline State unemployment (employer only) & 5.4% \\ \hline \end{tabular} Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31 , journalize the following entries (refer to the chart of accounts for the exact wording of the account tites. CNOW joumals do not use Mnes for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a creait ontry when a credit amount is entered): a. December 30 , to record the payroll. b. December 30 , to record the employer's payroll taxes on the payroll to be poid on December 31 , Or the total payroil for the last week of the year, $31,000 is subject to unemployment compensation taxes. entered: a. December 30 , to record the payroil. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 3f. Or the total payroll for the last week of the year, 531,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be poid on. January 5 of the following fiscal year, joumaitze the following entries (rofer to the chart of accounts for the exact wording of the account bites. CNOW joumals do not use ines for journar explanations. Every ine on a journal page is used for debit or credit entries. CNOW joumals wil automaticaliy indenta credit entry When a crealt amount is entered): a. On page if of the journat. December 30, to recond the payroll. b. On pege 12 of the joumat January 5, to record the employer's payroll faxes on the payroll to be paid on January 5 . Because if is a new fiscal year, all salaries are subject to unempioyment compensation taxes. Instructions Journal Instructions Chart of Accounts General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Recelvable 113 Notes Recelvable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Sales Salaries Expense 118 Prepaid Insurance 521 Warehouse Salaries Expense 120 Land 522. Office Salaries Expense 123. Bullding 524. Depreciation Expense-Building C v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=\&takeAssignmentSessior ebook Entries for payroll and payroll taxes Instructions Chart of Accounts Journal Instructions Chart of Accounts 124 Accumulated Depreciation-Building 525 Delivery Expense 125 Office Equipment 526 Repairs Expense 126 Accumulated Depreciation-Ofice Equipment 529 Selling Expenses 531 Rent Expense LIABILITIES 532 Depreciation Expense-Office Equipment 210 Accounts Payable 533 Insurance Expense 213 Interest Payable 534 Supplies Expense 214 Notes Payable 535 Payroll Tax Expense 215 Salarles Payable 536 Vacation Pay Expense 216 Social Security Tax Payable 537 Pension Expense 217 Medicare Tax Payable 538 Cash Short and Over 218 Employeos Federal Income Tax Payable 540 Miscellaneous Expense Instructions Chart of Accounts 220 Group insurance Payable 710 Interest Expense 221 Bond Deductions Payable 222 Retirement Savings Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability EQUITY 310 Owner, Capital 311 Owner, Drawing 1. Assuming that the peyroll for the last week of the year is to be paid on December 31, foumalize the following entries (refer to the charf of accounts for the exact wording of the account tiles. CNOW journals do not use ines for jocmal explanations. Every ine on a fournal page is used for debit or creat entries. CNOW journals will automaticaly indent a credit enty when a crodr amount is entered). a. December 30 , to record the payroll. b. December 30 , to record the employer's payroll taxes on the payrall to be paid on December 3 . Or the fotal payroil for the last week of the year, $31,000 is subject to unemployment compensafion taxes. 2. Assuming that the payrol for the last week of the year is to be paid on January 5 of the following fscar year, joumaire the following entres. frefer to the chart of accounts for the exact warting of the account boles. CwOW poumalt do not use Inos for joumal explanations Every onne on a journal page is used for debit or credr entres, CNow jocanals wat automaticaly indent a credi entry when a credt amount is ontered). a. On page it af the journat December 30, to recond the payroif b. On page 12 or the joumat January 5, to recerd the employer' payrall tarea on the payrod to be paid on Januey. 5. Because it is a new facal yeac, af salaries are subject to unemployment compensation taxes