The accounting entry is to Credit Cash for 25000 and Debit Common Stock for 25,000
<h3 /><h3>What is journal entry?</h3>
Journal entry shows how a business financial transactions are being recorded.
Typically, when cash is withdrawn from a business or personal account, the accounting entry is to credit the cash account.
Hence, the accounting entry is to Credit Cash for 25,000 and Debit Common Stock for 25.000.
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Answer:
a. credit to Cash for $63,316.
Explanation:
Given;
Pension contribution by GL Inc. percentage = 11%
Salaries for the period = $575,600
Amount to be contributed = 11% × $575,600
= $ 63,316.00
To account for this, the required journal would be
Debit Pension Expense $ 63,316.00
Credit Cash account $ 63,316.00
The right option is a. credit to Cash for $63,316.
Answer:
Debit Credit
Applied overheads $110,000
Cost of sales (over applied overheads) $4,000
Overhead control account $106,000
Explanation:
Since the estimated overhead amounting to $110,000 are greater than the actual overheads amounting to $106,000, therefore the overheads are overapplied by $4,000.
The journal entry to disposed off the overapplied overheads are given below:
Debit Credit
Applied overheads $110,000
Cost of sales (over applied overheads) $4,000
Overhead control account $106,000
Answer:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
1395
Cr. FICA- Medicare taxes payable:
326.25
Cr. SUTA-State unemployment taxes payable:
1215
Cr. FUTA- Federal unemployment taxes payable: 135
Explanation:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
(6.2%×$2,250) 1395
Cr. FICA- Medicare taxes payable:
(1.45%×$2,250) 326.25
Cr. SUTA-State unemployment taxes payable:
(5.4$×$2,250) 1215
Cr. FUTA- Federal unemployment taxes payable: (0.6%×$2,250) 135
