Question

The following payroll liability accounts are included in the ledger of Harmon Company on January 1,...

The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2017.

FICA Taxes Payable $745
Federal Income Taxes Payable 1,220
State Income Taxes Payable 110
Federal Unemployment Taxes Payable 300
State Unemployment Taxes Payable 1,965
Union Dues Payable 830
U.S. Savings Bonds Payable 390


In January, the following transactions occurred.

Jan.  

10

Sent check for $830 to union treasurer for union dues.

12

Remitted check for $1,965.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld.

15

Purchased U.S. Savings Bonds for employees by writing check for $390.

17

Paid state income taxes withheld from employees.

20

Paid federal and state unemployment taxes.

31

Completed monthly payroll register, which shows salaries and wages $52,000, FICA taxes withheld $3,978, federal income taxes payable $1,855, state income taxes payable $410, union dues payable $485, United Fund contributions payable $1,890, and net pay $43,382.

31

Prepared payroll checks for the net pay and distributed checks to employees.


At January 31, the company also makes the following accrued adjustments pertaining to employee compensation.

1.

Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.4%.

2.

Vacation pay: 6% of gross earnings.

Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31

Jan. 12

Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31

Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31

Jan. 20

Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31

(To record completion of monthly payroll register.)

Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31

(To record preparation and distribution of payroll checks to employees.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger...
Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211 Salaries Payable — 212 Social Security Tax Payable $15,276 213 Medicare Tax Payable 4,020 214 Employees Federal Income Tax Payable 24,790 215 Employees State Income Tax Payable 24,120 216 State Unemployment Tax Payable 2,546 217 Federal Unemployment Tax Payable 804 218 Bond Deductions Payable 6,000 219 Medical Insurance Payable 46,600 411 Operations Salaries...
Takei Company's payroll for the week ending January 15 amounted to $367,000 for salaries and wages....
Takei Company's payroll for the week ending January 15 amounted to $367,000 for salaries and wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages: Federal Income Tax $75,000 State Income Tax 13,500 FICA Taxes 28,075 Union Dues 4,100 United Fund Contributions 2,700 Federal unemployment tax (FUTA) rate is 6.2% less a credit equal to the rate paid for state unemployment taxes....
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries $320,000...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries $320,000 Sales salaries 670,000 Federal income taxes withheld 190,000 FICA taxes withheld 75,000 Health insurance premiums withheld 16,000 Union dues withheld 12,000 Salaries (included above) subject to federal unemployment taxes 550,000 Salaries (included above) subject to state unemployment taxes 600,000 Required: Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's...
Journalize the following payroll from information in the payroll register and the related employer payroll taxes...
Journalize the following payroll from information in the payroll register and the related employer payroll taxes and other expense: Gross pay $ 200,000 Federal Income Tax Withheld 30,000 FICA - Social Security 12,500 FICA - Medicare 2,900 401(k) withholding 12,000 Union dues withheld 2,000 United Way withheld 3,000 Net Pay 137,600 FUTA 1,500 SUTA 10,500 ER 401(k) Match 25%
According to a payroll register summary of Frederickson Company, the amount of employees’ gross pay in...
According to a payroll register summary of Frederickson Company, the amount of employees’ gross pay in December was $850,000, of which $80,000 was not subject to Social Security taxes of 6.2% and $750,000 was not subject to state and federal unemployment taxes. Determine the employer’s payroll tax expense for the month, using the following rates: FICA 7.65%, state unemployment 5.4%, and federal unemployment 0.8%. PAYROLL TAX EXPENSE: $ Prepare the journal entry to record December payroll tax expense. ACCOUNT TITLE...
The payroll of Flint Company for September 2016 is as follows. Total payroll was $484,000, of...
The payroll of Flint Company for September 2016 is as follows. Total payroll was $484,000, of which $100,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $373,000. Income taxes in the amount of $86,700 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Flint Company is allowed a credit of 2.3% by the state...
On January 1, 2022, the ledger of Oriole Company contained these liability accounts. Accounts Payable $43,000...
On January 1, 2022, the ledger of Oriole Company contained these liability accounts. Accounts Payable $43,000 Sales Taxes Payable 7,100 Unearned Service Revenue 19,500 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $5,724, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $10,400. (Credit Service Revenue.) 14 Paid state treasurer’s department for sales...
Problem 11-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the...
Problem 11-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,660 of federal income taxes, $1,420 of medical insurance deductions, and $800 of union dues. No...
The following totals for the month of April were taken from the payroll register of Sheffield...
The following totals for the month of April were taken from the payroll register of Sheffield Company. Salaries and wages $72100 FICA taxes withheld 5507 Income taxes withheld 14400 Medical insurance deductions 2610 Federal unemployment taxes 189 State unemployment taxes 1300 The entry to record the payment of net payroll would include a credit to Cash for $55090. debit to Salaries and Wages Payable for $48094. debit to Salaries and Wages Payable for $49583. debit to Salaries and Wages Payable...
36. The following totals for the month of June were taken from the payroll register of...
36. The following totals for the month of June were taken from the payroll register of Engira Company. Salaries and wages FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $80,000 6,132 17,600 3,200 640 4,000 The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $48,428. debit to Salaries and Wages Payable for $53,068. debit to Salaries and Wages Payable for $49,068. credit to...