X Data Table ou $ 115,000 0 0 0 ar 0 Accounts Payable Interest Payable Salaries Payable Employee Income Taxes Payable FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Unearned Rent Revenue Long-Term Notes Payable 0 0 0 5,700 330,000 The general ledger of U-R- Shipping at June 30, 2018, the end of the company's fiscal year, includes the following account balances before payroll and adjusting entries. (Click the icon to view the account balances.) The additional data needed to develop the payroll and adjusting entries at June 30 are as follows: A More Info (Click the icon to view the additional information.) (Click the icon to view payroll tax rate info Read the requirements For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Requirements 1 and 2. Using the T-accounts opened for you, insert the unadjusted June 30 balances. Journaliz the nearest dollar Employee OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings. We will start with Requirement 2, journalizing the journal entries, to assist us in posting to the T-accounts. (Recor a. The long-term debt is payable in annual installments of $66,000, with the next installment due on July 31. Ont preceding year. Make the adjusting entry to accrue interest expense at year-end. Employer: Date Accounts and Explanation Debit Credit More Info (a) a. b. Gross unpaid salaries for the last payroll of the fiscal year were $4,300. Assume that employee income taxes withhe rest The long-term debt is payable in annual installments of $66,000, with the next installment due on July 31. On that date, U-R- Shipping will also pay one year's interest at 9%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end. b. Gross unpaid salaries for the last payroll of the fiscal year were $4,300. Assume that employee income taxes withheld are $900 and that all earnings are subject to OASDI. c. Record the associated employer taxes payable for the last payroll of the fiscal year, $4,300. Assume that the earnings are not subject to unemployment compensation taxes. d. On February 1, the company collected one year's rent of $5,700 in advance. Date Accounts and Explanation Debit Credit (b) Choose from any list or enter any number in the input fields and then continue to the next question. The selected T-accounts have been opened for you. Insert the unadjusted June 30 balances, using a "Beg. Bal." posting reference to show the unadjusted balance of each account. If an account has a zero unadjusted balance, enter a "0" on the normal balance side of the account. Post the adjusting entries to the T-accounts using the corresponding letters (a) through (d) as posting references. Use a "Bal" posting reference to show the ending balance of each account. Accounts Payable FICA-OASDI Taxes Payable Interest Payable FICA-Medicare Taxes Payable Salaries Payable Unearned Rent Revenue Employee Income Taxes Payable Long-Term Notes Payable Requirement 3. Prepare the current liabilities section of the balance sheet at June 30, 2018. (Exclude any accounts with a zero balance from the balance sheet.) U-R-Shipping Balance Sheet (partial) June 30, 2018
