EX 10-10 Summary payroll data In the following summary of data for a payroll per

Question

EX 10-10 Summary payroll data In the following summary of data for a payroll period, some amounts hav ally omitted: OBJ. 2,3 e been intention- Earnings 1. At regular rate 2. At overtime rate 3. Total earnings $80,000 Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 32,400 8,100 135,000 18,900 201,150 338,850 10. Net amount paid Accounts debited: 285,000 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). 11. Factory Wages 12. Sales Salaries 13. Office Salaries b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll.

Explanation / Answer

A (3) Total earnings can be computed by adding net pay and total deductions:338850+201150= 540000 (1) Subtracting, you get $540000- $80,000 = 460000 (8) Union dues can be computed by totaling all the other deductions and subtracting total deductions: 32400+8100+135000+18900-201150= 6750 (12) Sales salaries: 540000-285000-120000=135,000 B Accounting Title Dr Cr Factory wages 285000 Sales salaries 135000 office salaries 120000 social security tax 32400 medicare tax 8100 income tax withheld 135000 medical insurance 18900 union dues 6750 Payroll payable 338850 C Payroll payable 338850 Cash 338850

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