1. Business
  2. Accounting
  3. serial problem business solutions lo p2 p3 c2 following are...

Question: serial problem business solutions lo p2 p3 c2 following are...

Question details

Serial Problem Business Solutions LO P2, P3, C2 Following are some transactions and events of Business Solutions Feb. 26 The company paid cash to Lyn Addie for eight days work at $130 per day Mar. 25 The company sold merchandise with a $2,032 cost for $3,000 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,040 of wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $104. Compute her net pay for the eight days work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations pay
2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the payroll expenses and liabilities for the eight days work paid on February 26. Note: Enter debits before credits. Date General Journal Debit Credit Feb 26, 2018 Record entry Clear entry View general journal
media%2F37f%2F37fa1eb1-0f15-4eeb-af00-67
4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to the nearest whole dollar View transaction list Journal entry worksheet Record the sales revenue of $3,000 on account to Wildcat Services together with 4% sales tax on every dollar of merchandise sold. Note: Enter debits before credits Date General Journal Debit c Credit Mar 25, 2018 Record entry Clear entry View general journal
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution