Question

In: Accounting

In the following summary of data for a payroll period, some amounts have been intentionally omitted:...

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.

Solutions

Expert Solution


  • 3. Total earnings = Net amount paid+ Total deductions
    $338,850 + 201,150 = $540,000 total earnings (3)

    1. At regular rate = Total earnings - At overtime rate
    $540,000 - 80,000 = $460,000 regular rate (1)

    8.
    Total deductions $201,150
  • Less:
    Social security tax 32,400
    Medicare tax 8,100
    Income tax withheld 135,000
    Medical insurance 18,900
  • =
    Union dues $6,750 (8)

    12.
    Total earnings $540,000
    Factory Wages 285,000
    Office Salaries 120,000
    Sales salaries $135,000 (12)

  • Dr Factory Wages Expense 285,000
    Dr Sales Salaries Expense 135,000
    Dr Office Salaries Expense 120,000
    Cr Social Security Tax Payable 32,400
    Cr Medicare Tax Payable 8100
    Cr Employees Income Tax Payable 135,000
    Cr Medical Insurance Payable 18,900
    Cr Union Dues Payable 6,750
    Cr Salaries Payable 338,850

    c.

  • Dr Salaries Payable 338,850
    Cr Cash 338,850

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