Payroll / Payroll Introduction скачать в хорошем качестве

Payroll / Payroll Introduction

TO USE OR PRINT this presentation click : http://videosliders.com/r/1304 ============================================================== Payroll Introduction to Accounting: An Integrated Approach 3rd Edition Penne Ainsworth, Dan Deines Mcgraw-Hill2004, ISBN 0072473835 Start to Finish #8 Presentedby Hello, and welcome to this brief tutorial on debits and credits. To continue to the next slide click on the right arrow, to go to the previous slide click the left arrow. To end this tutorial click on the END button. University of Wyoming – Delta Alpha Chapter END ,During the month there are many expenditures in the business cycle. Some examples are payroll, utilities, and rent. In this problem we will assume that FICA is 7%, FIT is 15%, and FUTA is 2% Background Info ,Day 2: Paid insurance for the month, $750.Day 4: Purchased $450 of office supplies for cash.Day 5: Purchased 100 tee shirts and 120 logos. Suppliers offered terms of 2/10, n/30.Day 8: Received a utility bill for $75. Record as a miscellaneous payable. Day 16: Paid for purchases made on Day 5.Day 18: Recorded payroll for the month. Salary and wage expense is $4000Day 24: Recorded payroll tax expense for the month.Day 30: Made adjusting entries for expenditure process activities. There are $50 of supplies on hand. During the Month: ,Paid insurance for the month, $750 cash Rent Expense 750 750 November 2 1st: Debit Rent Expense $750 2nd: Credit Cash $750 in the General Journal Remember that Expenses will be closed to Owner’s Equity ,Nov. 2 – Paid Rent for the month $750.00 ,Purchased $450 of office supplies for cash. Supplies cash 100 100 November 4th 1st: Debit Supplies $100 2nd: Credit Cash $100 ,Nov. 4 – Purchased Office Supplies for $100 ,Purchased 100 T-shirts and 120 logos with the terms 2/10, n/30. T-Shirt Inventory Logo Inventory Accounts Payable 1000 120 1120 November 5th Remember, each shirt costs $10 and each logo costs $.1 1st: Debit T-shirts $1,000 2nd: Debit Logos $120 3rd: Credit Accounts Payable $1,120 ,Purchased 100 T-shirts and 120 logos with the terms 2/10, n/30. ,Opened the water bill for $75, but have not paid. Accounts Payable Utilities Expense 75 75 November 8th 1st: Debit Utilities Expense $75 2nd: Credit Accounts Payable $75 Remember when you pay this bill you will Debit Accounts Payable and Credit Cash ,Opened the water bill for $75, but have not paid. ,Paid for the T-shirts and Logos bought on November 5th. cash Accounts Payable 1120 1120 November 16th 1st: Debit Accounts Payable $1120 2nd: Credit Cash $1120 Since you did not pay within the discount period you do not receive a purchase discount ,Paid for T-shirts and Logos bought on November 5th. ,Recorded Payroll for November. Total Wages and Salaries were $4,000. Payroll Expense Accounts Payable 4000 4000 November 18th 1st: Debit Payroll Expense 2nd: Credit Accounts Payable ,Recorded Payroll for November. Total Wages and Salaries were $4,000 ,Recorded Payroll Tax Expense For the month Payroll Tax Expense FICA Payable 280 960 November 24th First: Calculate Tax Amount Payroll is $4000 FICA is 7% , FICA Payable is (4000*7%) or $280 FUTA is 2%, FUTA Payable is (4000*2%) or $80 FIT is 15%, FIT Payable is (4000*15%) or $600 Second: Debit Payroll Tax Expense for the total amount Third: Credit each FICA, FUTA, and FIT Payable Account ,Recorded Payroll Tax Expense for the Month ,Prepaid Insurance Insurance Expense 750 750 November 30 Make Adjusting Entries. Assume that $50 dollars of Office Supplies are left. 1st Adjustment: Prepaid Insurance First: Debit Insurance Expense Second: Credit Prepaid Insurance Remember that this adjustment makes the Prepaid Insurance Account 0 because the insurance expired during the month. 750 ,Office Supplies Office Supplies Expense 450 400 400 November 30 Adjusting Entries (Cont.) 2nd Adjustment is to Office Supplies First: Debit Office Supplies Expense Second: Credit Office Supplies Remember that there are only $50 worth of supplies left at the end of the month. This means that $400 worth were used. ,Accounts Payable Cash 4000 4000 Novemb