PR 11-4A Payroll register If the working papers correlating with this textbook a
ID: 2446463 • Letter: P
Question
PR 11-4A Payroll register
If the working papers correlating with this textbook are not used, omit Problem 11-4A. The payroll register for Knapp Co. for the week ended September 14, 2012, is presented in the working papers.
Instructions
1. Journalize the entry to record the payroll for the week.
8 rows, 3 parts each
2. Journalize the entry to record the issuance of the checks to employees.
Two rows
3. Journalize the entry to record the employer’s payroll taxes for the week. Assume the following tax rates: state unemployment, 3.6%; federal unemployment, 0.8%. Of the earnings, $2,000 is subject to unemployment taxes.
5 rows, 3 parts each
4. Journalize the entry to record a check issued on September 17 to Fourth National Bank in payment of employees’ income taxes, $2,062.17, social security taxes, $1,463.88, and Medicare taxes, $365.98.
4 rows, 3 parts each
Explanation / Answer
Assume the total earnings are $10,000.
3)
The journal entry is as follows:
Date
Particulars
Debit
Credit
Salaries
10,000
State unemployment tax
360
Federal unemployment tax
80
Salaries payable
9,560
(To record the payroll)
4)
The journal entry is as follows:
Date
Particulars
Debit
Credit
Salaries
10,000
Social security taxes
1,463.88
Medicare taxes
365.98
Employee income taxes
2,062.17
Salaries payable
6,107.97
(To record the payroll)
Date
Particulars
Debit
Credit
Salaries
10,000
State unemployment tax
360
Federal unemployment tax
80
Salaries payable
9,560
(To record the payroll)
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.