Reference no: EM133106728
Question - Mandler lnc.'s payroll clerk unexpectedly quit on December 24, one week before the end of the fiscal year. At that time, employees had not been paid for the most recent pay period. Management issued total cash advances of 550,000 to the employees until payroll could be properly prepared. These advances were recorded in the Employee receivable account. In early January, the company hired a new payroll clerk who determined the following:
Gross employee pay, December 10-24 $73,000
Income tax withheld from employees $19,000
Government pension withheld from employees $1,000
Additional government pension to be paid by employer $1,200
The new payroll clerk also determined that no year-end accrual had been made for the payroll from December 25 to 31. The clerk has determined that the pay for this period should be accrued at the same rate as the previous pay period.
Required -
a] Record the journal entry to correct the December 24 payroll amounts.
b] Record the journal entry to accrue the payroll amount from December 25 to 31.
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