Question

The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.:

Salaries:
Sales salaries	$335,000
Warehouse salaries	186,000
Office salaries	144,000
	$665,000
Deductions:
Income tax withheld	$116,800
Social security tax withheld	39,900
Medicare tax withheld	9,975
Retirement savings	14,630
Group insurance	11,970
	$193,275
Tax rates assumed:
Social security	6%
Medicare	1.5%
State unemployment (employer only)	5.4%
Federal unemployment (employer only)	0.6%

	Required:
1.	Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $38,000 is subject to unemployment compensation taxes.
2.	Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. On page 11 of the journal: December 30, to record the payroll. B. On page 12 of the journal: January 5, to record the employer’s payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all salaries are subject to unemployment compensation taxes.

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1.

Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $38,000 is subject to unemployment compensation taxes.

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ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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2.	Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
	A. On page 11 of the journal: December 30, to record the payroll.

PAGE 11

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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B. On page 12 of the journal: January 5, to record the employer’s payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all salaries are subject to unemployment compensation taxes.

PAGE 12

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
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Answer 1

1a.	Date	Account				Debit	Credit
	Dec 30.	Sales salaries expense				335000
		Warehouse salaries expense				186000
		Office salaries expense				144000
		Employees income tax payable					116800
		Social security tax payable					39900
		Medicare tax payable					9975
		Retirement savings payable					14630
		Group insurance payable					11970
		Salaries payable		(Balancing figure)			471725
		(Employees payroll recorded)
1b.	Date	Account				Debit	Credit
	Dec 30.	Payroll tax expense				52155
		Social security tax payable					39900
		Medicare tax payable					9975
		State unemployment tax payable			(38000*5.4%)		2052
		Federal unemployment tax payable			(38000*0.6%)		228
		(Employer's payroll expenses recorded)
2a.	Date	Account				Debit	Credit
	Dec 30.	Sales salaries expense				335000
		Warehouse salaries expense				186000
		Office salaries expense				144000
		Employees income tax payable					116800
		Social security tax payable					39900
		Medicare tax payable					9975
		Retirement savings payable					14630
		Group insurance payable					11970
		Salaries payable					471725
		(Employees payroll recorded)
2b.	Date	Account				Debit	Credit
	Jan 5.	Payroll tax expense				89775
		Social security tax payable					39900
		Medicare tax payable					9975
		State unemployment tax payable			(665000*5.4%)		35910
		Federal unemployment tax payable			(665000*0.6%)		3990
		(Employer's payroll expenses recorded)
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