In: Accounting
In the following summary of data for a payroll period, some amounts have been intentionally omitted:
Earnings: 1. At regular rate ?
2. At overtime rate $80,000
3. Total earnings ? Deductions:
4. Social security tax 32,400
5. Medicare tax 8,100
6. Income tax withheld 135,000
7. Medical insurance 18,900
8. Union dues ?
9. Total deductions 201,150
10. Net amount paid 338,850 Accounts debited:
11. Factory Wages 285,000
12. Sales Salaries ?
13. Office Salaries 120,000
Required:
A. Calculate the amounts omitted in lines (1), (3), (8), and (12).
B. On December 19, journalize the entry to record the payroll accrual.*
C. On December 20, journalize the entry to record the payment of the payroll. * Refer to the Chart of Accounts for exact wording of account titles.