Question: Below, I have filled out the majority of this journal correctly, and I

Question

Question: Below, I have filled out the majority of this journal correctly, and I get to the last part and have leftover lines that I am required to use. What am I doing wrong? The last part is the only part that is confusing to me.

The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year:

The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:

On page 10 of the journal:

Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:

$46,29

On page 11 of the journal:

$51,360

Account No. Account Name Balance 211 Salaries Payable — 212 Social Security Tax Payable $9,273 213 Medicare Tax Payable 2,318 214 Employees Federal Income Tax Payable 15,455 215 Employees State Income Tax Payable 13,909 216 State Unemployment Tax Payable 1,400 217 Federal Unemployment Tax Payable 500 218 Bond Deductions Payable $ 3,400 219 Medical Insurance Payable 27,000 411 Operations Salaries Expense 950,000 511 Officers Salaries Expense 600,000 512 Office Salaries Expense 150,000 519 Payroll Tax Expense 137,951 Chart of Accounts CHART OF ACCOUNTS Garcon Co. General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment 610 Interest Revenue EXPENSES 510 Cost of Goods Solo 511 Officers Salaries Expense 512 Office Salaries Expense 513 Operations Salaries Expense 519 Payroll Tax Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable

Explanation / Answer

The remaining journal entry (last part) for Dec. 31 is provided as below:

Journal Date Account Titles Debit Credit Dec.31 Pension Expense 60,000.00 Cash 45,000.00 Unfunded Pension Liability (60,000 - 45,000) 15,000.00

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