Question
In: Accounting
Sandler Company completed the following two transactions. The annual accounting period ends December 31. a. On...
|
Sandler Company completed the following two transactions. The annual accounting period ends December 31. |
| a. |
On December 31, calculated the payroll, which indicates gross earnings for wages ($300,000), payroll deductions for income tax ($32,000), payroll deductions for FICA ($24,000), payroll deductions for United Way ($4,400), employer contributions for FICA (matching) and state and federal unemployment taxes ($2,400). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded. |
| b. |
Collected rent revenue of $1,620 on December 10 for office space that Sandler rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Unearned Revenue. |
| Required: |
| 1. & 2. |
Complete the required journal entries for the above transactions
as shown below: |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Sandler Company completed the following two transactions. The annual accounting period ends December 31. a. On...
Sandler Company completed the following two transactions. The
annual accounting period ends December 31.
a.
On December 31, calculated the payroll, which indicates gross
earnings for wages ($280,000), payroll deductions for income tax
($30,000), payroll deductions for FICA ($22,000), payroll
deductions for United Way ($4,200), employer contributions for FICA
(matching) and state and federal unemployment taxes ($2,200).
Employees were paid in cash, but payments for the corresponding
payroll deductions have not been made and employer taxes have not
yet been...
Sandler Company completed the following two transactions. The annual accounting period ends December 31. On December...
Sandler Company completed the following two transactions. The
annual accounting period ends December 31.
On December 31, calculated the payroll, which indicates gross
earnings for wages ($390,000), payroll deductions for income tax
($41,000), payroll deductions for FICA ($33,000), payroll
deductions for United Way ($5,300), employer contributions for FICA
(matching), and state and federal unemployment taxes ($3,300).
Employees were paid in cash, but payments for the corresponding
payroll deductions have not been made and employer taxes have not
yet been recorded....
Riverside Company completed the following two transactions. The annual accounting period ends December 31. On December...
Riverside Company completed the following two transactions. The
annual accounting period ends December 31. On December 31,
calculated the payroll, which indicates gross earnings for wages
($165,000), payroll deductions for income tax ($16,500), payroll
deductions for FICA ($17,000), payroll deductions for United Way
($3,400), employer contributions for FICA (matching), and state and
federal unemployment taxes ($2,000). Employees were paid in cash,
but these payments and the corresponding payroll deductions and
employer taxes have not yet been recorded. Collected rent revenue...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December...
Lakeview Company completed the following two transactions. The
annual accounting period ends December 31.
On December 31, calculated the payroll, which indicates gross
earnings for wages ($68,000), payroll deductions for income tax
($6,800), payroll deductions for FICA ($5,100), payroll deductions
for American Cancer Society ($2,550), employer contributions for
FICA (matching), and state and federal unemployment taxes ($595).
Employees were paid in cash, but payments for the corresponding
payroll deductions have not yet been made and employer taxes have
not yet...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December...
Lakeview Company completed the following two transactions. The
annual accounting period ends December 31.
On December 31, calculated the payroll, which indicates gross
earnings for wages ($100,000), payroll deductions for income tax
($10,000), payroll deductions for FICA ($7,500), payroll deductions
for American Cancer Society ($3,750), employer contributions for
FICA (matching), and state and federal unemployment taxes ($875).
Employees were paid in cash, but payments for the corresponding
payroll deductions have not yet been made and employer taxes have
not yet...
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31.
Jack Hammer Company completed the following transactions. The
annual accounting period ends December 31.Apr.30Received $572,400 from Commerce Bank after signing a
twelve-month, 8 percent, promissory noteJune6Purchased merchandise on account at a cost of $84,000 (Assume a
perpetual inventory system.)July15Paid for the June 6 purchaseAug.31Signed a contract to provide security services to a small
apartment complex and collected six months’ fees in advance,
amounting to $29,400 (Use an account called Deferred
Revenue.)Dec.31Determined salary and wages of $49,000 were earned but not...
ack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30...
ack Hammer Company completed the following transactions. The
annual accounting period ends December 31.
Apr.
30
Received $660,000 from Commerce Bank after signing a 12-month,
8.50 percent, promissory note.
June
6
Purchased merchandise on account at a cost of $80,000. (Assume
a perpetual inventory system.)
July
15
Paid for the June 6 purchase.
Aug.
31
Signed a contract to provide security service to a small
apartment complex starting in September, and collected six months’
fees in advance, amounting to $26,500....
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30...
Jack Hammer Company completed the following transactions. The
annual accounting period ends December 31.
Apr.
30
Received $804,000 from Commerce Bank after signing a 12-month,
5.50 percent, promissory note.
June
6
Purchased merchandise on account at a cost of $92,000. (Assume
a perpetual inventory system.)
July
15
Paid for the June 6 purchase.
Aug.
31
Signed a contract to provide security service to a small
apartment complex starting in September, and collected six months’
fees in advance, amounting to $32,500....
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30...
Jack Hammer Company completed the following transactions. The
annual accounting period ends December 31.
Apr.
30
Received $705,000 from Commerce Bank after signing a 12-month,
7 percent, promissory note.
June
6
Purchased merchandise on account at a cost of $82,000. (Assume
a perpetual inventory system.)
July
15
Paid for the June 6 purchase.
Aug.
31
Signed a contract to provide security service to a small
apartment complex starting in September, and collected six months’
fees in advance amounting to $28,200....
EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 ...
EZ Curb Company completed the following transactions. The annual
accounting period ends December 31.
Jan.
8
Purchased merchandise on account at a cost of $20,000. (Assume a
perpetual inventory system.)
17
Paid for the January 8
purchase.
Apr.
1
Received $49,600 from National
Bank after signing a 12-month, 12.0 percent, promissory note.
June
3
Purchased merchandise on account
at a cost of $24,000.
July
5
Paid for the June 3
purchase.
Aug.
1
Rented out a small office in a...
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