{"id":12147,"date":"2021-10-29T02:40:52","date_gmt":"2021-10-29T02:40:52","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/general-journaldebitcredit-accounting-homework-help\/"},"modified":"2021-10-29T02:40:52","modified_gmt":"2021-10-29T02:40:52","slug":"general-journaldebitcredit-accounting-homework-help","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/general-journaldebitcredit-accounting-homework-help\/","title":{"rendered":"General journal\tdebit\tcredit | Accounting homework help"},"content":{"rendered":"
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Feb. 26 The company\u00a0<\/span>paid cash<\/span>\u00a0to Lyn Addie for eight days\u2019 work at $125 per day.<\/span>
Mar. 25 <\/span>
The company sold merchandise with a $2,062 cost for $2,860 on credit to Wildcat Services, invoice dated March 25.<\/span>
Required:<\/span>
1. <\/span>
Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages are subject to no deductions other than FICA\u00a0<\/span>Social Security taxes<\/span>, FICA Medicare taxes, and\u00a0<\/span>federal income taxes<\/span>. Her federal income taxes for this pay period total $100. FICA tax rates applicable are: 6.2% for Social security and 1.45% Medicare. Compute her net pay for the eight days\u2019 work paid on February 26. (Round your intermediate calculations and final answer to 2 decimal places. Omit the “$” sign in your response.)<\/span>
Net pay $\u00a0<\/span>
2. <\/span>
Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Omit the “$” sign in your response.)<\/span>
Date General Journal Debit Credit<\/span>
Feb. 26\u00a0<\/span>
3. <\/span>
Record the journal entry to reflect the (employer)\u00a0<\/span>payroll tax<\/span>\u00a0expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA\u2014the FUTA rate is 0.8% and the SUTA rate is 4% for Business Solutions. (Round your answers to 2 decimal places. Omit the “$” sign in your response.)<\/span>
Date General Journal Debit Credit<\/span>
Feb. 26<\/span>
4. <\/span>
Record the entry(ies) for the merchandise sold on March 25 if a 4%\u00a0<\/span>sales tax<\/span>\u00a0rate applies. (Round your answers to 2 decimal places. Omit the “$” sign in your response.)<\/span>
Date General Journal Debit Credit<\/span>
Mar. 25\u00a0<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Feb. 26 The company\u00a0paid cash\u00a0to Lyn Addie for eight days\u2019 work at $125 per day.Mar. 25 The company sold merchandise with a $2,062 cost for $2,860 on credit to Wildcat Services, invoice dated March 25.Required:1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages are subject to no deductions other than FICA\u00a0Social […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-12147","post","type-post","status-publish","format-standard","hentry","category-homework-help"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/12147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=12147"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/12147\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=12147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=12147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=12147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}