Based on the following information, prepare the journal entry that recognizes the payroll expense for the period ending today, to be paid Friday of next week:
Total wages earned for the period: $8,000.00
Homework Answers
Required journal entry is:
| Date | General Journal | Debit | Credit |
| Wages / Payroll expense | 8000 | ||
| Wages / Payroll payable | 8000 | ||
| (to accrue wages for payroll for current period) |
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Based on the following information, prepare the journal entry
that recognizes the payroll expense for the...
Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000...
Based on the following data, prepare the appropriate journal
entry when paying employees:
Total wages earned were $8000
Total amount of federal income tax withheld for the period was
550
Total amount of FICA withheld for the period was 612
Total employee contributions to Health Ins. were 300
Account Name Dr Cr Wages payable $8,000.00 550.00 612.00 300.00 6,538.00 Paid payroll obligation for period ending XX/XX
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Journal entry worksheet
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Record salaries and wages expense.
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Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed...
General Journal 2. Record the journal entry for the payroll, crediting Cash for the net pay....
General Journal 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. POST. DERIT CREDIT NO. REF DEBIT CREDIT 1 20-Dec31 Wages and salaries expense Employee federal income tax payable Social Security tax payable Medicare tax payable United Way contributions payable Cash Payroll for week ended December 31 Instructions Journalizing Payroll...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
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Employee Entry Using the completed payroll registers on the Completed Registers page, prepare the Employee journal...
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Exercise 10.12 ACCRUAL OF WAGES AND SALARIES London plc has a weekly payroll of £125 000....
Exercise 10.12 ACCRUAL OF WAGES AND SALARIES London plc has a weekly payroll of £125 000. The last payroll processed before the end of the interim reporting period was for the week ended Friday 24 June. Employees do not work during weekends. Required Prepare a journal entry to accrue the weekly payroll as at 30 June
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid...
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid wages for the period? a Dr. Wages Expense, Cr. Cash b Dr. Wages Payable, Cr. Cash c Dr. Wages Payable, Cr. Wages Expense d Dr. Wages Expense, Cr. Wages Payable 2. Which of the following would be the effect of a transaction to record the portion of prepaid rent that has expired in a period? a. increase Prepaid Rent, decrease Rent Expense b increase...
Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal...
Prepare the closing journal entry. (If no entry is required
for a transaction/event, select "No Journal Entry Required" in the
first account field. Enter your answers in thousands of
dollars.)
Post the closing entry and prepare a post-closing trial
balance. (Enter your answers in thousands of dollars.)
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Calculate the employers payroll taxes for the week
2. Prepare the general journal entry to record the payroll
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Problem 3- Calculating and recording employer payroll taxes 18 points Shoreview, Inc. had the following for the week ended March 13, 20XX Gross earnings for the period FICA-OASDI taxable earnings FUTA and SUTA taxable earnings $146,750 $131,640 39,500 using the tax rates mentioned in the text, with a state unemployment tax rate of 2.9%. 1. Calculate the employers payroll taxes...
Based on the following data, prepare the appropriate journal
entry when paying employees:
Total wages earned were $8000
Total amount of federal income tax withheld for the period was
550
Total amount of FICA withheld for the period was 612
Total employee contributions to Health Ins. were 300
Account Name Dr Cr Wages payable $8,000.00 550.00 612.00 300.00 6,538.00 Paid payroll obligation for period ending XX/XX
Journal entry worksheet
1
Record salaries and wages expense.
Record payroll tax expense.
Record salaries and wage expense for fringe benefits provided
by the employer.
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed...
General Journal 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. POST. DERIT CREDIT NO. REF DEBIT CREDIT 1 20-Dec31 Wages and salaries expense Employee federal income tax payable Social Security tax payable Medicare tax payable United Way contributions payable Cash Payroll for week ended December 31 Instructions Journalizing Payroll...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Employees earned $2,779,283 in salaries and wages during this quarter, of which the company paid $2,084,462. Select one: O a. Dr. Salaries and wages expense $2,779,283; Cr. Cash $2,084,462; Cr. Salaries and wages payable $694,821 O b. Dr. Salaries and wages expense $2,779,283; Cr....
Employee Entry Using the completed payroll registers on the Completed Registers page, prepare the Employee journal entry. Note: If a cell is zero, leave it blank. Feb. 29 Employee Payroll Register HOLLYWOOD WALK OF FAME Employee Payroll Register For Period Ending February 29, 20 NET PAY DEDUCTIONS EARNINGS Grp. Health Ck. No. Amount SUTA FIT сIT SIT OASDI HI Gross Name Ins. Ins. $670.60 $2.85 $1.25 $1.85 101 $52.32 $6.66 $13.79 $143.00 $58.98 $951.30 du Pres, Leo 608.67 1.25 102...
Exercise 10.12 ACCRUAL OF WAGES AND SALARIES London plc has a weekly payroll of £125 000. The last payroll processed before the end of the interim reporting period was for the week ended Friday 24 June. Employees do not work during weekends. Required Prepare a journal entry to accrue the weekly payroll as at 30 June
Prepare the closing journal entry. (If no entry is required
for a transaction/event, select "No Journal Entry Required" in the
first account field. Enter your answers in thousands of
dollars.)
Post the closing entry and prepare a post-closing trial
balance. (Enter your answers in thousands of dollars.)
Required information The following information applies to the questions displayed below Intemational celebrity Jay and Goku began operations of their machine shop (J& G Tool, Inc.) on January 1, 2016. The annual reporting...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry, 2. Employees are paid every other Monday for the previous 2 week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2- week period of January...
1.
Calculate the employers payroll taxes for the week
2. Prepare the general journal entry to record the payroll
taxes
Problem 3- Calculating and recording employer payroll taxes 18 points Shoreview, Inc. had the following for the week ended March 13, 20XX Gross earnings for the period FICA-OASDI taxable earnings FUTA and SUTA taxable earnings $146,750 $131,640 39,500 using the tax rates mentioned in the text, with a state unemployment tax rate of 2.9%. 1. Calculate the employers payroll taxes...
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