Chart of Accounts (Write journal entries in proper journal entry format. Do not abbreviate when writing journal entries
Posted: Wed May 04, 2022 7:02 am
Chart of Accounts
(Write journal entries in proper journal entry format. Do not
abbreviate when writing journal entries and make sure you identify
which line is the Debit (DR) and which line is a Credit (CR) using
one of the following examples.)
Example 1: DR
Cash 4,000
CR Revenue 4,000
OR
Debit Credit
Example 2:
Cash
4,000
Revenue
4,000
OR
Example 3: Debit Cash 4,000 and Credit Revenue 4,000
Excelsior, Inc. has one employee who has worked
January - November 15th of the current year. The employee is
married, paid weekly, and claims 2 allowances on her W-2. The
federal withholding is $227. The company is in a state with no
state income taxes. The FICA-Social Security tax rate is 6.2% on
the first $118,500 and the FICA-Medicare rate is 1.45% on all
wages. Excelsior Inc.'s FUTA tax rate is 0.6% on the first $7,000
of wages and their SUTA tax rate is 2.3% on the first $8,000 of
wages.
The employees earnings thus far are as
follows:
Use the information above to calculate all of the
payroll taxes that should be withheld from the employee's paycheck
and her net pay for the November 15th pay period. Prepare the
journal entry Excelsior, Inc. will record to accrue the November
15th wages for this employee. (Round your answers to the nearest
whole cent or 2 decimal places.)
(Write journal entries in proper journal entry format. Do not
abbreviate when writing journal entries and make sure you identify
which line is the Debit (DR) and which line is a Credit (CR) using
one of the following examples.)
Example 1: DR
Cash 4,000
CR Revenue 4,000
OR
Debit Credit
Example 2:
Cash
4,000
Revenue
4,000
OR
Example 3: Debit Cash 4,000 and Credit Revenue 4,000
Excelsior, Inc. has one employee who has worked
January - November 15th of the current year. The employee is
married, paid weekly, and claims 2 allowances on her W-2. The
federal withholding is $227. The company is in a state with no
state income taxes. The FICA-Social Security tax rate is 6.2% on
the first $118,500 and the FICA-Medicare rate is 1.45% on all
wages. Excelsior Inc.'s FUTA tax rate is 0.6% on the first $7,000
of wages and their SUTA tax rate is 2.3% on the first $8,000 of
wages.
The employees earnings thus far are as
follows:
Use the information above to calculate all of the
payroll taxes that should be withheld from the employee's paycheck
and her net pay for the November 15th pay period. Prepare the
journal entry Excelsior, Inc. will record to accrue the November
15th wages for this employee. (Round your answers to the nearest
whole cent or 2 decimal places.)