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Chrome- CengageNOWv2| Online teaching and learning resource from Cengage Learning Secure https:// v2 cengagenov con il n/takeAssignment takeAssignmentMan do??nvoker-assignments&takeAssignmentSessionLocator-assignment-take;&inprogress-false; The tollowing accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year Account No. Account Name Salaries Payable Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Employees State Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Retirement Savings Deductions Payable Medical Insurance Payable Operations Salaries Expense Oficers Salaries Expense onice Salaries Expense Payroll Tax Expense Balance 211 212 213 214 215 216 217 218 219 411 511 512 519 $9,270 2,304 15.480 13,900 1,330 420 $4,000 23,400 930,000 630,000 120,000 136,751 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December On page 10 of the joumal Dec. 2 ssued Check No. 410 tor $4,000 to Jay Bank to purchase retrement savings bonds for employees Check My Work 5 more Check My Work uses remaining. Previous ssignment Score: 57.81% 5:50Explanation / Answer
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Date Account Description Debit Credit 2-Dec Retirement Savings Deductions Payable 4,000.00 Cash 4,000.00 (Issued Check No. 410 to Jay Bank) 2-Dec Employees Federal Income Tax Payable 15,480.00 Social Security Tax Payable 9,270.00 Medicare Tax Payable 2,304.00 Cash 27,054.00 (Issued Check No. 411 to Jay Bank) 13-Dec Operation's Salaries Expense 40,800.00 Officers Salaries Expense 27,600.00 Office Salaries Expense 6,800.00 Social Security Tax Payable 4,512.00 Medicare Tax Payable 1,128.00 Retirement Savings Deductions Payable 2,000.00 Employees Federal Income Tax Payable 15,040.00 State Income Tax Payable 3,384.00 Medical Insurance Payable 3,900.00 Salary Payable 45,236.00 (Being Payroll expenses Recorded) 13-Dec Salary Payable 45,236.00 Cash 45,236.00 (Being salary Paid- Issue Check No. 420) 13-Dec Payroll taxes 6,100.00 Social Security Tax Payable 4,512.00 Medicare Tax Payable 1,128.00 State Unemployment Tax Payable 350.00 Federal Unemployment Tax Payable 110.00 (Being Payroll Expenses Recorded) 16-Dec Social Security Tax Payable 9,024.00 Medicare Tax Payable 2,256.00 Employees Federal Income Tax Payable 15,040.00 To Cash 26,320.00 (Issued Check No. 424 to Jay Bank) 19-Dec Medical Insurance Payable 27,300.00 Cash 27,300.00 (Issued Check No. 429 to Jay Bank) 27-Dec Operation's Salaries Expense 40,400.00 Officers Salaries Expense 28,400.00 Office Salaries Expense 7,000.00 Social Security Tax Payable 4,548.00 Medicare Tax Payable 1,137.00 Retirement Savings Deductions Payable 2,000.00 Employees Federal Income Tax Payable 15,004.00 State Income Tax Payable 3,411.00 Salary Payable 49,700.00 (Being Payroll expenses Recorded) 27-Dec Salary Payable 49,700.00 Cash 49,700.00 (Being salary Paid) 27-Dec Payroll taxes 5,960.00 Social Security Tax Payable 4,548.00 Medicare Tax Payable 1,137.00 State Unemployment Tax Payable 205.00 Federal Unemployment Tax Payable 70.00 (Being Payroll Expenses Recorded) 27-Dec State Income Tax Payable 20,695.00 Cash 20,695.00 (Issued Check No. 543 to State Department of Revenue,) 30-Dec Retirement Savings Deductions Payable 4,000.00 Cash 4,000.00 (Issued Check No. 545 to Jay Bank ) 31-Dec Pension Expenses 72,000.00 Cash 54,000.00 Pension liability 18,000.00 (To record Pension expesnes) 2 a Operation's Salaries Expense 8,580.00 Officers Salaries Expense 5,550.00 Office Salaries Expense 1,400.00 To Accrued Salaries 15,530.00 b Vacation Expenses 15,500.00 To Vacation Payable 15,500.00