PLEASE ANSWER ALL OF THESE QUESTIONS Part 1: Prepare a journal entry for the fol

Question

PLEASE ANSWER ALL OF THESE QUESTIONS

Part 1: Prepare a journal entry for the following transactions: On August 30: Decrease in asset accounts are recorded as credits. Credit Cash in Bank for $12,034.05 Increases in liability accounts are recorded as credit Credit Employer s Federal Income Tax Payable for $258.30 Employees State Income Tax Payable for $27.50 Social Security Tax Payable for $40.65 Medicare Tax Payable for $500.32 Hospital Premiums Payable for $78.90 U.S Savings Bonds Payable for $25.00 Debit Salary Expense for $13,452.90

Explanation / Answer

Part 1:

Please note: There is a difference of $488.18 in the debit and credit information provided for the journal entry. Kindly check on the same.

Part 2:

Part 3:

The question provided seems incomplete and partly posted as ledger accounts are asked only for part 3 due to which the accounts show a debit balance when actually there would be a nil balance when part 2 and 3 are considered. Also no opening balances provided due to which cash at bank has credit balance on posting part 3 entry. Part 1 too has a difference between debit and credit totals.

General Journal Date Description Post. Ref. Debit Credit Aug. 30 Salary expense 13452.90 Employees' Federal income tax payable 258.30 Employees' State income tax payable 27.50 Social security tax payable 40.65 Medicare tax payable 500.32 Hospital premiums payable 78.90 U.S Savings bonds payable 25.00 ??? 488.18 Cash in Bank 12034.05 (To record payroll and deductions)

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