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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:
The following transactions relating to payroll, payroll
deductions, and payroll taxes occurred during December:
Required:
1. Journalize the transactions. For a
compound transaction, if an amount box does not require an entry,
leave it blank. For December 16th transactions, (a.) record the
payroll and (b.) payment of salaries. For December 30th
transactions, (a.) record the payroll, (b.) payment of salaries,
(c.) record the taxes, and (d.) payment of taxes.
2a. Journalize the following adjusting
entry on December 31. Salaries accrued: operations salaries,
$8,200; officers salaries, $5,400; office salaries, $1,300. The
payroll taxes are immaterial and are not accrued. For a compound
transaction, if an amount box does not require an entry, leave it
blank.
b. Journalize the following adjusting
entry on December 31: Vacation pay, $28,000.