Lisa Kalley-Chapter 6 ACCT106 123 Practical Pbm Template(1)

Lisa Kalley-Chapter 6 ACCT106 123 Practical Pbm Template(1)...

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Possible Incorrect or OK Chapter 6 30.000/30 Rules of Accounting: Any liability or payable account increases to show a debt with a credit. When the liability is paid the account is decreased with a debit. Expenses are always debits. Cash is an asset and is always decreased with a credit. For each entry total debits must equal total credits. 6-2A don't do 6-3A As an example ACCOUNT TITLE DEBIT CREDIT Wage Expense 8500.0000 always GROSS pay OADSI Payable 527.0000 8500.0000 0.0620 HI Payable 123.2500 8500.0000 0.0145 FIT Payable 1040.0000 Cash 6809.7500 always NET pay Payroll Tax Expense 650.2500 OADSI Payable 527.0000 8500.0000 0.0620 HI Payable 123.2500 8500.0000 0.0145 FUTA Payable 0.0000 0.0000 0.0060 SUTA Payable 0.0000 0.0000 9150.2500 9150.2500 Total debits must equal total credits 6-4A As a check net pay cash is 3646.21 0.2500 Wage Expense 4690.0000 0.2500 OADSI Payable 290.7800 4690.0000 0.0620 0.2500 HI Payable 68.0100 4690.0000 0.0145 0.2500 FIT Payable 685.0000 0.2500 Cash 3646.2100 0.2500 Payroll Tax Expense 0.2500 OADSI Payable 358.7900 290.7800 4690.0000 0.0620 0.2500 HI Payable 68.0100 4690.0000 0.0145 0.2500 FUTA Payable 0.0000 0.0000 0.0360 0.2500 SUTA Payable 0.0000 0.0000 5048.7900 5048.7900 Total debits must equal total credits 6-6A Don't do 6-7 As a check net pay cash is 862.21 0.2500 Wage Expense 1500.0000 0.2500 401K Plan 45.0000 1500.0000 0.0300 0.2500 CS Garnishment 100.0000 0.0000 0.2500 Health INS Prem. 95.0000 0.0000 0.2500 OADSI Payable 93.0000 1500.0000 0.0620 0.2500 HI Payable 21.7500 1500.0000 0.0145 0.2500 FIT Payable 232.0000 232.0000 0.2500 SIT Payable 51.0400 232.0000 0.2200 0.2500 Cash 862.2100 0.2500 Payroll Tax Expense 0.2500 OADSI Payable 124.5000 93.0000 1500.0000 0.0620 0.2500 HI Payable 21.7500 1500.0000 0.0145 0.2500 FUTA Payable 9.0000 1500.0000 0.0060 0.2500 SUTA Payable 0.7500 1500.0000 0.0005 1624.5000 1624.5000 Total debits must equal total credits 6-8 As a check net pay cash is 10,773.00 0.2500 Wage Expense 12000.0000 0.2500 OADSI Payable 744.0000 12000.0000 0.0620 0.2500 HI Payable 174.0000 12000.0000 0.0145 0.2500 FIT Payable 260.0000 260.0000 0.2500 Unemployment contributions 49.0000 9800.0000 0.0050 0.2500 Cash 10773.0000 0.2500 Payroll Tax Expense 1251.2000 0.2500 OADSI Payable 744.0000 12000.0000 0.0620 0.2500 HI Payable 174.0000 12000.0000 0.0145 0.2500 FUTA Payable 284.2000 9800.0000 0.0290 0.2500 SUTA Payable 49.0000 9800.0000 0.0050 13251.2000 13251.2000 Total debits must equal total credits 6-10 0.5000 0.5000 6-11 0.2500 Calculate one day's pay on this line: 627.8800 125.5800 The company normally works M-F; December 31st is a Tuesday, so accrue 2 days and make the needed entry. 0.5000 Wage Expense 251.1600 0.5000 Wages Payable 251.1600 6-12 0.5000 a) regular pay for 48 hours 1104.0000 0.5000 OT .5 Premium Rate 11.5000 0.5000 b) overtime premium pay 92.0000 0.5000 c) Gross pay 1196.0000 d) adjusting entry 920.0000 2116.0000 0.5000 0.5000 6-14 0.5000 Wage Expense 40700.0000 0.5000 Wage Payable 38650.0000 15.0000 6-16 use the 6-16 sheet only do through 4/15 which includes journal entries posting to the GL and a trial balance.
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  • Spring '14
  • Accounting, Debit, Double-entry bookkeeping system, Federal Insurance Contributions Act tax

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