College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 8, Problem 7E
On September 30, Hilltop Company’s selected payroll accounts are as follows:
Prepare general
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Prepare the journal entry to record the payment of the payroll for the week
Journalize the company payroll for the semimonthly period ending on August 31.
Journalize the payment of total payroll and deductions using the totals from the payroll register.
2. Payroll will be paid with check number 1152.
Completed payroll register attached.
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all…
Chapter 8 Solutions
College Accounting (Book Only): A Career Approach
Ch. 8 - Prob. 1QYCh. 8 - Prob. 2QYCh. 8 - Prob. 3QYCh. 8 - Prob. 4QYCh. 8 - Prob. 5QYCh. 8 - Prob. 6QYCh. 8 - Prob. 7QYCh. 8 - Prob. 8QYCh. 8 - Prob. 9QYCh. 8 - Prob. 1DQ
Ch. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - On September 30, Cody Companys selected account...Ch. 8 - On September 30, Hilltop Companys selected payroll...Ch. 8 - Prob. 8ECh. 8 - Prob. 1PACh. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - Prob. 4PACh. 8 - Prob. 5PACh. 8 - Prob. 1PBCh. 8 - Prob. 2PBCh. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - TruGreen is the worlds largest lawn and landscape...Ch. 8 - Between the end of one month and the 15th day of...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Assume you are a CFO of a company that is attempting to race additional capital to finance an expansion of its ...
Financial Accounting, Student Value Edition (4th Edition)
Based on your answers to the above questions, should Lockwood invest in the machinery?
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
Plantwide and Departmental Overhead Allocation; Activity-Based Costing; Segmented Income Statements Koontz Comp...
Introduction To Managerial Accounting
What are assets limited as to use and how do they differ from restricted assets?
Accounting For Governmental & Nonprofit Entities
Interest-bearing notes payable with year-end adjustments P1 Keesha Co. borrows $200,000 cash on November 1, 201...
Financial Accounting: Information for Decisions
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Just need the october payroll and journal entry completedarrow_forwardJournalize the company payroll for the semimonthly period ending on August 31. Journalize the payment of total payroll and deductions using the totals from the payroll register. Payroll will be paid with check number 1152.arrow_forwardThe totals from the payroll register of Olt Company for the week of January 25 show: Journalize the entry to record the payroll of January 25.arrow_forward
- In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firms fiscal year. The last quarter begins on April 1, 20--. Refer to the Illustrative Case on pages 6-27 to 6-33 and proceed as follows: a. Analyze and journalize the transactions described in the following narrative. Use the two-column journal paper provided on pages 6-73 to 6-77. Omit the writing of explanations in the journal entries. b. Post the journal entries to the general ledger accounts on pages 6-78 to 6-83. Narrative of Transactions: c. Answer the following questions: 1. The total amount of the liability for FICA taxes and federal income taxes withheld as of June 30 is................................................................................ ________ 2. The total amount of the liability for state income taxes withheld as of June 30 is................................................................................................................ ________ 3. The amount of FUTA taxes that must be paid to the federal government on or before August 1 (assume July 31 is a Sunday) is........................................ ________ 4. The amount of contributions that must be paid into the state unemployment compensation fund on or before August 1 is.................................................. ________ 5. The total amount due the treasurer of the union is........................................ ________ 6. The total amount of wages and salaries expense since the beginning of the fiscal year is ................................................................................................... ________ 7. The total amount of payroll taxes expense since the beginning of the fiscal year is ............................................................................................................ ________ 8. Using the partial journal below, journalize the entry to record the vacation accrual at the end of the companys fiscal year. The amount of Brookins Companys vacation accrual for the fiscal year is 15,000.arrow_forwardPAYROLL JOURNAL ENTRY Journalize the following data taken from the payroll register of Copy Masters as of April 15, 20:arrow_forwardPAYROLL JOURN AL ENTRY Journalize the following data taken from the payroll register of Himes Bakery as of June 12, 20--:arrow_forward
- In the space provided below, prepare the journal entry to record the November payroll for all employees assuming that the payroll is paid on November 30 and that Joness cumulative gross pay (cell I13) is 85,000.arrow_forwardYou have been asked to record the November payroll information using a payroll register and a general journal. Review the printout of the worksheet PR, a computerized payroll register, that follows these requirements. The columns will automatically retotal as new entries are made. Entries in column B indicate whether or not employees are union members. Assume Joness cumulative gross pay at October 31 could be 85,000, or 105,000, or 125,000.arrow_forwardPAYROLLThe following describes the payroll procedures for a hypothetical company.Every Thursday, the timekeeping clerk sends employee time cards to the payrolldepartment for processing. Based on the hours worked reflected on the time cards, theemployee pay rate and withholding information in the employee file, and the tax ratereference file, the payroll clerk calculates gross pay, withholdings, and net pay for eachemployee. The clerk then manually pre-pares paychecks for each employee, files hardcopies of the paychecks in the payroll department, and posts the earnings to the hardcopy employee records. Finally, the clerk manually prepares a payroll summary andsends it and the paychecks to the cash disbursements department. The cashdisbursements clerk reconciles the payroll summary with the paychecks and manuallyrecords the transaction in the hard-copy cash disbursements journal. The clerk then filesthe payroll summary and sends the paychecks to the treasurer for signing.The signed…arrow_forward
- Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records Weekly Gross Earnings to End of Previous Income Health Insurance Fay Deductions $ 900 870 Hellen Craig Joseph Lin Dine Patelli Sharleen McFer Taxes $12,510 $144.55 $ 37.00 13,440 113.63 19,140 173,72 24.00 36.00 1,090 1,940 32,628 458.72 24.00 $4,900 $930.62 $121.00 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places) Deductions Employee Gross Pay Health Insurance Total Deductions Premium Net Pay $ 37.00 24.00 36 00 24 00 eese on Hellen Craig Joseph Lim Dino Patel Sharleen McFee S 4 980 00 870 00 1,000 00 1,960 00 nnnn Income Taxes $ 144 55 113.63 173 72 496 72 anes t CPParrow_forwardMarine Company has an accounting fiscal year which ends on September 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred: Monday Tuesday Wednesday Thursday Friday Date September 28 September 29 September 30 October 1 October 2 Amount $2000 $2400 $3800 $2700 $3100arrow_forwardJOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has fiveemployees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.The accounts kept by Oxford Company include the following: Required1. Journalize the preceding transactions using a general journal.2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License