WKRP Broadcasting paid federal unemployment taxes of $28. What is the entry to journalize the payment of the unemployment taxes?
Debit Federal Unemployment Tax Payable $28.00, credit Cash $28.00
Sports Incorporated has employer payroll taxes as follows: Social Security Tax $225.00, Medicare Tax $125.00 and Federal Unemployment Tax $55.00. What is the entry to record the employer's payroll taxes?
Debit Payroll Tax Expense $405.00; Credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
John's Seafood has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. What is the correct entry for recording the company's payroll?
Debit Salary Expense $1,500.00; credit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00, Cash $1,105.25
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
$84.67
WKRP Broadcasting paid state unemployment taxes of $95.00. What is the entry to journalize the payment of the unemployment taxes?
Debit State Unemployment Tax Payable $95.00; credit Cash $95.00
Watauga Office Supply paid state unemployment taxes of $168.00. What is the entry to journalize the payment of the unemployment taxes? (NCCTE.9_12.BE.6311.CA04.03)
Debit State Unemployment Tax Payable $168.00, credit Cash $168.00
Burger Barn paid the following taxes: Social Security $240.00, Medicare $110.00, Federal Income Tax $250.00. What is the entry to journalize the payment of the payroll taxes?
Debit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable $250.00; credit Cash $600.00
Sports Incorporated has employer payroll taxes as follows: Social Security Tax $225.00, Medicare Tax $125.00 and Federal Unemployment Tax $55.00. What is the entry to record the employer's payroll taxes?
Debit Payroll Tax Expense $405.00; credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
$84.67
Brandon worked 7 hours on Monday, 8 hours on Tuesday, 10 hours on Wednesday, 9 hours on Thursday, 10 hours on Friday, and 4 hours on Saturday. Brandon's rate of pay is $12 per hour. Calculate Brandon's regular, overtime and total hours for the week
40 Regular Hours, 8 Overtime Hours, and 48 Total Hours
Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay?
$173.25
Jessica wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $85; and repairs, $55. A cash count shows $75 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
Joseph wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $75; and repairs, $43. A cash count shows $40 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $43, debit Supplies $75, and credit cash $110, credit Cash Short and Over $8
Daniel wants to replenish the $250 petty cash fund. He has receipts for the following total payments: postage, $34; and repairs, $76. A cash count shows $100 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash $150
Steve wants to replenish the $200 petty cash fund. He has receipts for the following total payments: supplies, $18; and repairs, $32. A cash count shows $145 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55
Emily wants to replenish the $300 petty cash fund. She has receipts for the following total payments: supplies, $55; and repairs, $35. A cash count shows $195 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $35, debit Supplies $55, debit Cash Short and Over $15, and credit Cash $105
Michelle wants to replenish the $300 petty cash fund. She has receipts for the following total payments: postage (Office Expense), $40; supplies, $25; and repairs, $45. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125
Timothy wants to replenish the $300 petty cash fund. He has receipts for the following total payments: postage (Office Expense), $35; supplies, $25; and repairs, $95. A cash count shows $160 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15
Claire wants to establish a $250 petty cash fund for her business. She requested a check for $250. What is the correct journal entry to record the transaction?
Debit Petty Cash $250 and credit Cash $250
Scott wants to replenish the $225 petty cash fund. He has receipts for the following total payments: supplies, $35; and repairs, $15. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $15, debit Supplies $35 and credit Cash $50
David wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $36; and postage (Office Expense), $27. A cash count shows $87 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Office Expense $27, debit Supplies $36 and credit Cash $63
Mary wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $25; and repairs, $45. A cash count shows $130 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Repair Expense $45, debit Supplies $25 and credit Cash $70
Michael wants to establish a $500 petty cash fund for his business. He has requested a check for $500. What is the correct journal entry to record the transaction?
Debit Petty Cash $500 and credit Cash $500
On February 14, Watauga Enterprises received notice from the bank of a dishonored check from Wilkes Company in the amount of $200.00. The bank charged a service fee of $25.00. What is the correct journal entry for Watauga Enterprises to record the dishonored check?
Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00
On April 16, Caldwell Company received notice from the bank of a dishonored check from Hickory Hosiery in the amount of $55.00. The bank charged a service fee of $25.00. What is the correct journal entry for Caldwell Company to record the dishonored check?
Debit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00
On March 31, Iredell Company received a bank statement showing the following information.
Bank statement balance $2,345.00
Bank service charge $15.00
The records of the business show the following information:
Outstanding deposit, Mar. 29 $250.00 Outstanding checks:
No. 288 $225.00
No. 289 $25.00
Assuming that the bank statement balance is correct, what is the correct Cash account balance on March 31?
$2,345.00
In Scenario 4.01 G, calculate the adjusted bank balance. On July 31 of the current year, Beaufort Brothers received a bank statement dated July 30. The following information is obtained from the bank statement and from the records of the business:
Bank statement balance $1,350.00 Outstanding checks:
Bank service charge $5.00 No. 250 $95.00
Outstanding deposits: No. 251 $175.00
July 30 $250.00
Checkbook balance on Check Stub No. 252 $1,335.00
$1,330.00
In Scenario 4.01 B, what is the journal entry to record the bank service charge? On October 29 of the current year, McDowell Company received a bank statement dated October 28. The following information is obtained from the bank statement and from the records of the business:
Bank statement balance $1,625.00 Outstanding checks:
Bank service charge 3.00 No. 123 $ 80.00
Outstanding deposit, October 28 300.00 No. 125 75.00
Checkbook balance on Check Stub No. 126 $1,477.00
Debit Miscellaneous Expense $3.00; credit Cash $3.00
In Scenario 4.01 H, calculate the adjusted bank balance. On August 31 of the current year, Brunswick Builders received a bank statement dated August 30. The following information is obtained from the bank statement and from the records of the business:
Bank statement balance $1,485.00 Outstanding checks:
Bank service charge $3.75 No. 347 $55.00
Outstanding deposits: No. 352 $28.00
Aug 30 $50.00
Checkbook balance on Check Stub No. 354 $1,468.00
$1,452.00
On October 31, Cherokee Company received a bank statement showing the following information:
Bank statement balance $4,375.00
Bank service charge $25.00
The records of the business show the following information:
Outstanding deposit, Oct. 29 $500.00 Outstanding checks:
Outstanding deposit, Oct. 30 $175.00 No. 329 $325.00
No. 330 $125.00
No. 331 $75.00
Assuming that the bank statement balance is correct, what is the correct Cash account balance on October 31?
$4,525.00
In Scenario 4.01 F, what is the adjusted bank balance? On February 28 of the current year, Yancey Company received a bank statement dated February 27. The following information is obtained from the bank statement and from the records of the business:
Bank statement balance $3,500.00 Outstanding checks:
Bank service charge $3.50 No. 234 $100.00
Outstanding deposits: No. 235 $90.00
February 27 $500.00
February 28 $200.00
Checkbook balance on Check Stub No. 237 $3,873.00
$4,010.00
