Question

C Get Hom X C Commun X cfi/6/264!/4/2/4/2/2/2@0:0 C Get Hom The Citax Review X (1275) in Set A 8A-1. Blanca Company uses a special payroll account to pay employees. The gross amount of the payroll this week is $5,000, the net amount is $4,125. Journalize the transfer of funds to the payroll account and the distribution of paychecks to the employees. LO1 (10 min) 8A-2. Based on the following payroll tax depositor classifications determine the 941 tax deposit due date for each taxpayer: 101 15 min

8A1 please use journal format and do not handwrite

Answer 1

1. Transfer of Funds - Businesses maintain Payroll Checking Account along with the regular checking account. For the issue of paycheck, amount equal to the wages & salaries due is transferred from Regular Account to Checking Account.

Cash - Payroll Checking Account Dr. $4,125

Cash - Regular Checking Account $4,125

2. Distribution of Check - Once the amount equal to the due amount is transferred to Chceking Account, checks are issued to respective employees.

Wages & Salaries Payable Account Dr. $4,125

Cash - Payroll Checking Account $4,125