Scribd Logo
Upload

Welcome to Scribd!

  • Unit 7 C10 Presentation Printable Lecture Notes

    Uploaded by

    fukwhatteythink
    5 views6 pages
    The document contains several journal entries related to accounting for various types of payables and expenses: 1) Wages payable includes entries for wage expense, withholding taxes payable, FICA taxes payable, and state taxes payable. 2) Payroll tax entries record payment of withholding, FICA, and state taxes payable. 3) A sales tax entry records cash received and sales revenue, with sales tax payable recorded separately. 4) An interest payable entry records interest expense and increases interest payable, with a subsequent payment reducing notes payable. 5) A bonds payable entry records the issuance of bonds for cash received.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document contains several journal entries related to accounting for various types of payables and expenses: 1) Wages payable includes entries for wage expense, withholding taxes payable, FICA taxes payable, and state taxes payable. 2) Payroll tax entries record payment of withholding, FICA, and state taxes payable. 3) A sales tax entry records cash received and sales revenue, with sales tax payable recorded separately. 4) An interest payable entry records interest expense and increases interest payable, with a subsequent payment reducing notes payable. 5) A bonds payable entry records the issuance of bonds for cash received.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views6 pages

    Unit 7 C10 Presentation Printable Lecture Notes

    Uploaded by

    fukwhatteythink
    The document contains several journal entries related to accounting for various types of payables and expenses: 1) Wages payable includes entries for wage expense, withholding taxes payable, FICA taxes payable, and state taxes payable. 2) Payroll tax entries record payment of withholding, FICA, and state taxes payable. 3) A sales tax entry records cash received and sales revenue, with sales tax payable recorded separately. 4) An interest payable entry records interest expense and increases interest payable, with a subsequent payment reducing notes payable. 5) A bonds payable entry records the issuance of bonds for cash received.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 6

    Accounting for Wages Payable

    Journal Debit Credit

    Wage Expense 600


    Withheld Income Tax Payable 54
    FICA Tax Payable 38
    State Tax Payable 18
    Cash 490

    Ledger
    Wage Expense Withheld Inc. Tax Payable FICA Tax Payable
    600 54 38

    State Tax Payable Cash


    18 480
    Accounting for Payroll Taxes
    Journal
    Debit Credit

    Withheld Inc Tax Payable 54


    FICA Tax Payable 38
    State Tax Payable 18
    Cash 110

    Ledger
    Wage Expense Withheld Inc. Tax Payable FICA Tax Payable
    600 54 54 38 38
    0 0
    State Tax Payable Cash
    18 18 110
    0
    Accounting for Sales Tax
    Journal
    Debit Credit
    Cash 106
    Sales 100
    Sales Tax Payable 6
    Sales Tax Payable 6
    Cash 6
    Ledger
    Cash Sales
    106 6 100

    Sales Tax Payable


    6 6
    0
    Accounting for Interest Payable
    Journal
    Debit Credit
    June 1, 201X
    Cash 100,000
    Notes Payable 100,000
    June 30, 201X
    Interest Expense 500
    Interest Payable 500
    July 31, 201X
    Notes Payable 100,000
    Ledger Interest Payable 500
    Interest Expense 500
    Cash 101,000
    Notes Payable Cash
    100,000 100,000 100,000 100,000
    Interest Expense
    0
    Interest Payable 500
    500
    500 500
    1,000 Total Expense
    0
    Bonds
    Accounting for Bonds Payable
    Journal
    Debit Credit

    Cash 800,000
    Bonds Payable 800,000

    Ledger
    Cash Bonds Payable
    800,000 800,000

    Copyright Post University 2022, All Rights Reserved

    You might also like