Onli Chegg Study lGuided Solu G Accounting questonheayrl Accounts And Year lG D

Question

Onli Chegg Study lGuided Solu G Accounting questonheayrl Accounts And Year lG D eAssignment/takeAssignmentMain.do?invoker-assignments&utakeAssignmentSessionLocator; Double Declning-Balance alse eBook Payroll accounts and year-end entries Instructions Chart of Accounts Journal The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: Account No. 211 212 213 214 215 Account Name Salaries Payable Social Security Tax Payable Medicare Tax Payable Emplayees Federal Income Tax Payable Employees State Income Tax Payable $9,273 Payable 15,455 13,909 1,400 216 State Unemployment Tax Payable 217 Faderal Unemployment Tax Payable Bond Deductions Payable Medical Insurance Payable Operations Salariés Expense oficers Salaries Expense office Salaries Expense Payroll Tax Expensa $ 3,400 27,000 950,000 218 512 150,000 137,951 The follawing transactions relating to paynull, pavroll deductions, and payrell taxes occurred during December On page 10 of the journal; Dec. 2 lssued Chock No, 410 foxr $3,400 to Jary Bank to purthase U.S, savings bonda for 2 Issued Check No. 411 to Jay Bank for $27,046 in payment of $,273 of social security tax, federal income tax du

Explanation / Answer

* Please check the exact account titles per the chart of accounts since the same is not provided with the question.

Date General Journal Debit Credit Page 10 Dec. 2 Bond Deductions payable 3400 Cash 3400 (To record payment for purchase of bonds) Dec. 2 Social security tax payable 9273 Medicare tax payable 2318 Employees federal income tax payable 15455 Cash 27046 (To record payment of payroll liabilities) Dec. 13 Operations salaries expense 43200 Officers salaries expense 27200 Office salaries expense 6800 Social security tax payable 4632 Medicare tax payable 1158 Employees federal income tax payable 15440 Employees state income tax payable 3474 Bond Deductions payable 1700 Medical insurance payable 4500 Salaries payable 46296 (To record biweekly payroll) Dec. 13 Salaries payable 46296 Cash 46296 (To record payment of biweekly payroll) Dec. 13 Payroll tax expense 6265 Social security tax payable 4632 Medicare tax payable 1158 State unemployment tax payable 350 Federal unemployment tax payable 125 (To record biweekly payroll tax expense) Dec. 16 Social security tax payable 9264 Medicare tax payable 2316 Employees federal income tax payable 15440 Cash 27020 (To record payment of payroll liabilities) Dec. 19 Medical insurance payable 31500 Cash 31500 (To record payment of group medical insurance premium) Page 11 Dec. 27 Operations salaries expense 42800 Officers salaries expense 28000 Office salaries expense 7000 Social security tax payable 4668 Medicare tax payable 1167 Employees federal income tax payable 15404 Employees state income tax payable 3501 Bond Deductions payable 1700 Salaries payable 51360 (To record biweekly payroll) Dec. 27 Salaries payable 51360 Cash 51360 (To record payment of biweekly payroll) Dec. 27 Payroll tax expense 6135 Social security tax payable 4668 Medicare tax payable 1167 State unemployment tax payable 225 Federal unemployment tax payable 75 (To record biweekly payroll tax expense) Dec. 27 Employees state income tax payable 20884 Cash 20884 (To record payment of employees' state income tax liability) Dec. 31 Bond Deductions payable 3400 Cash 3400 (To record payment for purchase of bonds) Dec. 31 Pension expense 60000 Cash 45000 Accrued pension liability* 15000 (To record pension expense) Page 12 Dec. 31 Operations salaries expense 8560 Officers salaries expense 5600 Office salaries expense 1400 Salaries payable 15560 (To record accrued salaries) Dec. 31 Vacation pay expense* 15000 Vacation payable* 15000 (To record accrued vacation pay)

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