y o nu fear-end enrie Chart of Accounts Journal Instructions The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year Account No. Balance Account Name Salaries Payable Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Employees State Income Tax Payable $9,280 2,312 15,435 State Unemployment Tax Payable 35,400 Federal Unemployment Tax Payable Retirement Savings Deductions Payable Medical Insurance Payable Operations Salaries Expense Officers Salaries Expense Office Salaries Expense Payroll Tax Expense 920,000 630,000 150.000 512 519 137,351 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December Check My Work Un ACCOLI Journal Instructions On page 10 of the journal: Dec. 2 2 Issued Check No. 410 for $3,600 to Jay Bank to invest in a retirement savings account for employees. Issued Check No. 411 to Jay Bank for $27,027, in payment of $9,280 of social security tax, $2,312 of Medicare tax, and $15,435 of employees' federal income tax due. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13 Salary distribution: Operations $43,800 Officers 27,000 Office 7,000 $77,800 Deductions: Social security tax $ 4,668 Medicare tax 1,167 Federal income tax withheld 15,560 State income tax withheld 3,501 Check My Work Email Instructor All work saved. Save and Exits Chart of Accounts Journal Instructions State income tax withheld 3,501 Retirement savings deductions 1,800 Medical insurance deductions 5,900 32,596 Net amount $45,204 13 Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account 13 16 Journalized the entry to record payroll taxes on employees' earnings of December 13: social security tax, $4,668; Medicare tax, $1,167, state unemployment tax, $310, federal unemployment tax, $115. Issued Check No. 424 to Jay Bank for $27,230, in payment of $9,336 of social security tax, $2,334 of Medicare tax, and $15,560 of employees' federal income tax due. Issued Check No. 429 to Sims-Walker Insurance Company for $41,300, in payment of the semiannual premium on the group medical insurance policy. 19 On page 11 of the journal: Dec. 27 Journalized the entry to record the biweekly payroll. A summary of the payrol record follows: Previous Check My Work Email Instructor All work saved. Save and Exit Submit Assig Instruction Chart of Accounts Journal Instructions On page 11 of the journal Dec. 27 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations $43,400 Officers 27,800 Office 7,200 $78,400 Deductions: Social security tax $ 4,704 Medicare tax Federal income tax withheld 15,524 State income tax withheld 3.528 Retirement savings deductions 1.800 Net amount Check My Work All work saved Email Instructor Save and Et Instructions Net amount $51,668 27 Issued Check No. 541 in payment of the net amount of the biweekly payroil to fund the payroll bank account. 27 Journalized the entry to record payroll taxes on employees' earings of December 27: social security tax, S4,704; Medicare tax, $1,176; state unemployment tax, $200; federal unemployment tax, $80. Issued Check No. 543 for $20,935 to State Department of Revenue in payment of employees' state Income tax due on December 31. issued Check No. 545 to Jay Bank for $3,600 to invest in a retirement savings account for employees. Paid $54,000 to the employee pension plan. The annual pension cost is $72,000 (Record both the payment and unfunded pension liability.) 31 31 Required: 1. Joumatze the transactions on pages 10 and 11 of the journal. Refer to the Chart of Accounts for exact wording of accounties 2. On page 12 of the journal, journalize the following adjusting entries on December 31 (refer to the Chart of Accounts for exact wording of account titles): A Salaries accrued: operations salaries, 58,620; officers salaries, $5,640; office salaries, $1.440. The payroll taxes are immaterial and are not accrued B. Vacation pay, $14,600 Check My Work All work saved. Email instructor Save and Exit Sub eBook Calculator Payroll accounts and year-end entries Chart of Accounts Journal Instructions Journal 1. Journalize the transactions on pages 10 and 11 of the foumal Refer to the Chart of Accounts for exact wording of accounts Scroll down to access page 11 and 12 of the PAGE 10 JOURNAL ACCOUNTING EQUATION DESCRIPTION CREDIT ASSETS ARE QUITY Cu My Work A saved Subes Assignment for Grading M Gmail eBook ACCOUNTING EQUATION L es EQUITY Check My Work Email instructor Save and Exit Submit Assignment for Grading Instructions Journal 2. On page 12 of the journal joumalize the following adjusting entries on December 31 (refer to the Chart of Accounts for exact wording of accounts: A. Salaries accrued operations salaries $8,620, offers salaries, 85,640, office salaries, $1,440. The payroll taxes are immaterial and are not accrued B. Vacation pay $14,600. PAGE 2 JOURNAL ACCOUNTING EQUATION DESCRIPTION ASSETS LIABILITIES EQUITY Adjusting Entries Previous Werk Next > Check All work saved Email instructor Save and Et Submit Assignment for Grading