Assistance please Obj. 2 EX 10-10 Summary payroll data / A. B) Total In the foll

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Assistance please

Obj. 2 EX 10-10 Summary payroll data / A. B) Total In the following summary of data for a payroll period, some amounts have earnings $540,000 oitted 1. At regular rate 2 At overtime rate 3. Total earnings $80,000 EICEL TEMPLATE Deductions 4, Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid 32,400 8,100 135,000 18,900 201,150 338,850 Accounts debited 285,000 11. Factory Wages 12. Sales Salaries 13. Office Salaries 120,000 A. Calculate the amounts omitted in lines (1), (3), (8), and (12). B. Journalize the entry to record the payroll accrual. C. Journalize the entry to record the payment of the payroll. Ohi 2 EX 10-11 Payroll tax entries

Explanation / Answer

Answer A. Earnings: At Regular Rate ($540,000 - $80,000)    460,000.00 At Overtime Rate      80,000.00 Total Earnings ($201,150 + $338,850)     540,000.00 Deductions: Social Security Tax      32,400.00 Medicare Tax        8,100.00 Income Tax Withheld    135,000.00 Medical Insurance      18,900.00 Union Dues ($201,150 - ($32,400 + $8,100 + $135,000 + $18,900))        6,750.00 Total Deductions     201,150.00 Net Amount Paid     338,850.00 Accounts Debited: Factory Wages    285,000.00 Sales Salaries ($540,000 - ($285,000 + $120,000))    135,000.00 Office Salaries    120,000.00 Total Amount Debited     540,000.00 Answer B & C. Journal Entry Date Particulars Dr. Amt. Cr. Amt. B. Salaries & Wages Expense - Factory    285,000.00 Salaries & Wages Expense - Sales    135,000.00 Salaries & Wages Expense - Office    120,000.00    Social Security Tax Payable      32,400.00    Medicare Tax Payable        8,100.00    Income Tax Withheld Payable    135,000.00    Medical Insurance Payable      18,900.00    Union Dues Payable        6,750.00    Salaries & Wages Payable    338,850.00 (To record the payroll expense) C. Salaries & Wages Payable    338,850.00    Cash    338,850.00 (To record the payroll paid)

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