Journal entries - financial accounting

Anonymous
timer Asked: Apr 23rd, 2017

Question description

I need the journal entries for the below transactions:

  1. The final payroll entry (on 12/31/16) has wages of $25,000. There is $5,000 in federal withholding and $1,300 in state withholding. The social security tax rate is 12.4% and Medicare tax rate is 2.9% (These are total tax rates not just the employee or employer tax rates). FUTA has a 0.6% tax rate and SUTA has a 5.4% tax rate. There are no fringe benefits associated with this payroll. The wages are not paid in 2016, they will be paid January 2017. Round to nearest dollar. (Chapter 13)
  2. No pension expense related adjustments have been made. Service costs for the year is $16,000. The interest charged is $8,500. The expected return was $6,000. There was no prior service costs. The unamortized gain fell within the corridor so no entry is needed. Record the pension expense in an adjusting entry dated 12/31/16. (Chapter 17)

The chart of accounts are given below:

Account Number Account Name
1000 Checking
1010 Savings
1030 Cash Equivalents
1050 Trading Securities
1100 Accounts Receivable
1199 Allowance for Doubtful Accounts
1200 Inventory
1300 Pre-paid Expenses
1510 Buildings
1520 Machinery
1599 Accumulated Depreciation
1610 Equity Investment in Banfield
1620 Goodwill
1630 Deferred Income Tax Asset
1699 Pension Plan Assets
2000 Accounts Payable
2020 Wages Payable
2021 Withholding Taxes Payable - Federal
2022 Withholding Taxes Payable - State
2023 Social Security and Medicare Taxes Payable
2024 FUTA Taxes Payable
2025 SUTA Taxes Payable
2050 Rent Payable
2060 Interest Payable
2080 Income Tax Payable
2090 Dividends Payable
2099 Other Current Liabilities
2100 Bond Payable
2101 Discount on Bond Payable
2102 Premium on Bond Payable
2110 Lease Payable
2200 Deferred Income
2299 Projected Benefit Obligation
3000 Preferred Stock
3010 Common Stock
3100 Paid-In Capital - Preferred
3110 Paid-In Capital - Common
3500 Retained Earnings
3600 Accumulated Other Comprehensive Income
3700 Treasury Stock
4000 Merchandise Sales
4100 Service Sales
4500 Tax Exempt Interest Income
4900 Other Revenue
5000 Cost of Merchandise Sold
5100 Cost of Services Sold
5900 Cost of Other Revenue
6000 Operating, General, and Administrative Expenses
6100 Wage Expense
6150 Payroll Tax Expense
6200 Pension Expense
6300 Rent Expense
6900 Depreciation Expense
7000 Interest Expense
7100 Equity Income from Banfield
7500 Income Tax Expense
8000 Foreign Currency Translation Adjustments
8900 Other



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