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ACC 291 Week 3

Question 1
During the month of March, Olinger Companys employees earned wages of $63,800. Withholdin
these wages were $4,881 for Social Security (FICA), $7,477
tax, and $399 for union dues. The company incurred no cost related to these earnings for federal
unemployment tax but incurred $698
Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries
payable. Assume that wages earned during March will be paid during April.
automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles
and
Explanation
Mar. 31
Prepare the entry to record the companys
payroll tax expense. (Credit account titles are
automatically indented when amount is
entered. Do not indent manually.)
Date
Account
Titles and
Explanati
on
Debit
Credit
Mar.
31
Question 2
On August 1, 2014, Ortega Corporation issued
$907,200, 8%, 10year bonds at face value. Interest is
payable annually on August 1. Ortegas yearend is
December 31.
Don't show me this message again for the assignment
Prepare journal entries to record the issuance of the bonds.
indented when amount is entered. Do not indent manually.)
Date
Account Titles
and Explanation
Aug. 1
Don't show me this message again for the assignment
Prepare journal entries to record the accrual of interest on December 31, 2014
automatically indented when amount is entered. Do not indent manually
Date

Account Titles
and Explanation
Debit
Dec. 31
Prepare journal entries to record the payment of interest on August 1, 2015. (Credit account titles
are
automatically indented when amount is entered. Do not indent manually.)
Date