Reference no: EM13555776
Payroll accounts and year-end entries
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year:
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211
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Salaries Payable
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-
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218
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Bond Deductions Payable
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$ 3,400
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212
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Social Security Tax Payable
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$ 9,273
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219
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Medical Insurance Payable
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27,000
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213
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Medicare Tax Payable
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2,318
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411
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Operations Salaries Expense
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950,000
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214
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Employees Federal Income Tax Payable
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15,455
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511
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Officers Salaries Expense
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600,000
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215
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Employees State Income Tax Payable
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13,909
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512
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Office Salaries Expense
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150,000
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216
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State Unemployment Tax Payable
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1,400
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519
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Payroll Tax Expense
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137,951
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217
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Federal Unemployment Tax Payable
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500
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The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:
Dec. 2. Issued Check No. 410 for $3,400 to Jay Bank to purchase U.S. savings bonds for employees.
2. Issued Check No. 411 to Jay Bank for $27,046 in payment of $9,273 of social security tax, $2,318 of Medicare tax, and $15,455 of employees' federal income tax due.
13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:
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Salary distribution:
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Operations
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$43,200
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Officers
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27,200
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Office
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6,800
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$77,200
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Deductions:
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|
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Social security tax
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$ 4,632
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|
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Medicare tax
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1,158
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Federal income tax withheld
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15,440
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State income tax withheld
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3,474
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Savings bond deductions
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1,700
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30,904
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Medical insurance deductions
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4,500
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$46,296
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Net amount
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27. Issued Check No. 541 in payment of the net amount of the biweekly payroll.
27. Journalized the entry to record payroll taxes on employees' earnings of December 27: social security tax, $4,668; Medicare tax, $1,167; state unemployment tax, $225; federal unemployment tax, $75.
27. Issued Check No. 543 for $20,884 to State Department of Revenue in payment of employees' state income tax due on December 31.
31. Issued Check No. 545 to Jay Bank for $3,400 to purchase U.S. savings bonds for employees.
31. Paid $45,000 to the employee pension plan. The annual pension cost is $60,000.
(Record both the payment and unfunded pension liability.)
Instructions
1. Journalize the transactions.
2. Journalize the following adjusting entries on December 31:
a. Salaries accrued: operations salaries, $8,560; officers salaries, $5,600; office salaries, $1,400. The payroll taxes are immaterial and are not accrued.
b. Vacation pay, $15,000.
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