p bookkeeping instructor keys

PACK

3

88-880201201IK13B-C0

BookkeepingInstructor Keys

QUIZ 11

-4 points for each incorrect answer.

80+ = Very nice work!70+ = Keep up the hard work! (Blue grading insert)Below 70 = Review carefully. (Yellow skills insert)Insert: MV39

Pack 3

1. B pg. 11-2

2. A pg. 11-3

3. D pg. 11-3

4. B pg. 11-3

5. C pg. 11-4

6. A pg. 11-4

7. C pg. 11-14

8. A pg. 11-14

9. D pg. 11-24

10. B pg. 11-15

11. B pg. 11-15

12. A pg. 11-16

13. B pg. 11-16

14. C pg. 11-16

15. A pg. 11-17

16. C pg. 11-17

17. B pg. 11-19

18. A pg. 11-20

19. D pg. 11-22

20. B pg. 11-22

21. B pg. 11-17

22. A pg. 11-19

23. C pg. 11-20

24. A pg. 11-17 to 11-20

25. D pg. 11-22

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QUIZ 12

Multiple choice:-2 points for each incorrect answer.

Worksheet:-4 for each incorrect adjustment.-1 for each incorrect entry other than an adjustment.-1 for each incorrect format.

Financial statements:-1 for each incorrect amount (deduct only for new errors).-1 for each incorrect format for each statement.

80+ = Your studies are going very well.70+ = Keep working hard on your studies. (Blue grading insert)Below 70 = Review carefully. (Yellow skills insert)Throughput: Your next lesson will prepare you for your new career.Insert: MV50

1. D Worksheet

2. D Worksheet

3. C Worksheet

4. B Worksheet

5. D Worksheet

6. B Worksheet

7. D Worksheet

8. C Worksheet

9. B Worksheet

10. C Worksheet

11. D Operating Statement

12. A Operating Statement

13. D Operating Statement

14. C Capital Statement

15. B Capital Statement

16. A Balance Sheet

17. C Balance Sheet

18. B Balance Sheet

19. C Balance Sheet

20. D Balance Sheet

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Pack 3—Instructor Keys

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QUIZ 12

1 2 3 4 5 6 7 8 9 10 Unadjusted Operating Account Title Trial Balance Adjustments Adjusted Trial Balance Statement Balance Sheet Dr Cr Dr Cr Dr Cr Dr Cr Dr CrCash 5400.00 5400.00 5400.00 Acc. Rec. 550.00 550.00 550.00 Offi ce Supplies 150.00 (a) 50.00 100.00 100.00 Prepaid Ins. 1200.00 (b) 200.00 1000.00 1000.00Building 20000.00 20000.00 20000.00Equipment 8000.00 8000.00 8000.00 Accum. Depr. 1000.00 (c) 200.00 1200.00 1200.00Acc. Payable 200.00 200.00 200.00Mortgage payable 15000.00 15000.00 15000.00Capital 16700.00 16700.00 16700.00Revenue 3500.00 3500.00 3500.00 Salary Expense 1000.00 1000.00 1000.00 Utility exp. 100.00 100.00 100.00 36400.00 36400.00

Offi ce supply exp. (a) 50.00 50.00 50.00 Insurance exp. (b) 200.00 200.00 200.00Depreciation exp. (c) 200.00 200.00 200.00

450.00 450.00 36600.00 36600.00 1550.00 3500.00 35050.00 33100.00

Net income (loss) 1950.00 1950.00 3500.00 3500.00 35050.00 35050.00

Mary Moore Administrative ServicesWorksheet

For the month ending February 28, 20XX

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QUIZ 12

Mary Moore Administrative ServicesAdjusted Trial Balance

For the month ending Feb. 28th, 20XXAccount Title Dr Cr

Cash $5400.00 Accounts Receivable 550.00 Supplies 100.00 Prepaid Insurance 1000.00 Building 20,000.00 Equipment 8,000.00 Accum. Depreciation $1,200.00Accounts Payable 200.00Mortgage Payable 15,000.00Capital 16,700.00Service Revenue 3,500.00Salary Expense $1,000.00 Utility Expense 100.00 Supplies Expense 50.00 Insurance Expense 200.00 Depreciation Expense 200.00

Totals $36,600.00 $36,600.00

Mary Moore Administrative ServicesOperating Statement

For the month ending Feb. 28th, 20XXService Revenue $3,500.00Expenses Salary exp $1,000.00 Utility exp 100.00 Supplies exp 50.00 Insurance exp 200.00 Depreciation exp 200.00Total Expenses 1,550.00Net Income $1,950.00

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Mary Moore Administrative ServicesCapital Statement

For the month ending Feb. 28th, 20XXAccount Title Capital ending Jan. 31, 20XX $16,700.00Net income from Feb. 1,950.00Capital ending Feb. 28, 20XX $18,650.00

Mary Moore Administrative ServicesBalance Sheet

For the month ending Feb. 28th, 20XXAccount Title ASSETS Current assets Cash $5,400.00 Accounts receivable 550.00 Supplies 100.00 Prepaid Insurance 1,000.00Total current assets $7,050.00 Fixed assets Building $20,000.00 Equipment 8,000.00 Less: Depreciation 1,200.00Total fi xed assets 26,800.00Total assets $33,850.00 LIABILITIES AND CAPITAL Current liabilities Accounts payable $200.00Total current liabilities $200.00 Long term liabilities Mortgage payable $15,000.00Total long term liabilities 15,000.00Total liabilities $15,200.00Capital ending Feb. 28, 20XX 18,650.00Total Liabilities and Capital $33,850.00

Possible notes:

-Take care to use proper format.-The purpose of a balance sheet is to balance. If it is not balancing you should take the time to fi nd your error.

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QUIZ 13

-1 For each incorrect initial entry.-1 For format errors if they were minimal (fi ve or less incidents).-2 For format errors if there were a lot of them (fi ve or more).

70+ = Complete a coversheet.Below 70 = Complete coversheet. (Yellow skills insert)Throughput: Your next assignments will help you to achieve success.Insert: MV41

5 1 Telephone expense 4 5 00 Cash 4 5 00 Check #79 3 A/P Electrifying Bulb / 3 4 2 00 Cash 3 4 2 00 Check #80 4 A/P Julie Adams / 2 3 0 00 Sales 2 3 0 00 Inv. #123 5 Bad debts expense 3 4 00 A/R Ed Miller / 3 4 00 Write-off 6 Offi ce supplies 3 1 00 Cash 3 1 00 Check #81 7 Cash 5 0 0 0 00 Sales 4 8 5 3 00 Sales tax payable 1 4 7 00 Sales for week 9 Utility expense 5 5 00 Cash 5 5 00 Check #82 10 A/P Paper Works / 8 5 00 Cash 8 5 00 Check #83 11 Purchases 4 2 0 00 A/P Electrifying Bulb / 4 2 0 00 Inv. #421 14 Cash 3 7 4 0 00

1 2 Date Descrip on P/R Dr Cr 20XX

Bright Ideas Light Center Page 14General Journal

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Sales 3 6 4 2 00 Sales tax payable 9 8 00 Sales for week 15 Salary expense 2 0 0 0 00 Cash 2 0 0 0 00 Check #84 17 Alice Peterson, draw 1 2 5 00 Cash 1 2 5 00 Check #85 19 Purchases 1 0 0 0 00 A/P Light House Supply / 1 0 0 0 00 Check #384 20 Mortgage payable 1 2 0 0 00 Cash 1 2 0 0 00 Check #86 21 Cash 1 4 5 0 00 Sales 1 4 2 3 00 Sales tax payable 2 7 00 Sales for week 22 Cash 1 5 0 00 A/R Julie Adams / 1 5 0 00 Credit Inv. #42 25 Notes payable 2 0 0 00 Cash 2 0 0 00 Check #87 27 A/P Electrifying Bulb / 2 0 0 00 Purchase returns and all 2 0 0 00 Inv. #18 31 Cash 2 6 8 0 00 Sales 2 5 4 6 00 Sales tax payable 1 3 4 00 Sales to end month 31 Salary expense 3 0 0 0 00 Cash 3 0 0 0 00 Check #88 31 Sales returns and all 5 3 00 Sales tax payable 3 00 Cash 5 6 00 Check #89

Adjusting entries

31 Income summary 9 0 0 0 00 Inventory 9 0 0 0 00 31 Inventory 8 0 0 0 00 Income summary 8 0 0 0 00 31 Insurance expense 1 0 0 00 Prepaid Insurance 1 0 0 00

Date Descrip on P/R Dr Cr 20XX

Page 15

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31 Offi ce supply expense 6 0 00 Offi ce supply 6 0 00 31 Depreciation expense 2 2 0 00 Acc. depr. building 2 0 0 00 Acc. depr. equipment 2 0 00

Closing Entries

31 Sales 1 2 6 9 4 00 Purchased returns and all 2 0 0 00 Income summary 1 2 8 9 4 00 31 Income summary 6 9 8 7 00 Sales returns and all 5 3 00 Purchases 1 4 2 0 00 Salary expense 5 0 0 0 00 Utility expense 5 5 00 Telephone expense 4 5 00 Bad debits expense 3 4 00 Insurance expense 1 0 0 00 Offi ce supply expense 6 0 00 Depreciation expense 2 2 0 00 31 Income summary 4 9 0 7 00 Alice Peterson, capital 4 9 0 7 00 31 Alice Peterson, capital 1 2 5 00 Alice Peterson, draw 1 2 5 00

Date Descrip on P/R Dr Cr 20XX

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QUIZ 13 GENERAL LEDGER

31 J15 2 6 8 0 00

Date Description P/R Dr Cr

31 J15 5 6 00

Cash

5 1 Balance 2 0 0 0 00

25 J15 2 0 0 00 22 J15 1 5 0 00

Account balance 7 8 8 1 00

31 J15 3 0 0 0 00

1 2

21 J15 1 4 5 0 00

1 J14 4 5 00 3 J14 3 4 2 00 6 J14 3 1 00 7 J14 5 0 0 0 00

9 J14 5 5 0010 J14 8 5 0014 J14 3 7 4 0 0015 J14 2 0 0 0 0017 J14 1 2 5 0020 J15 1 2 0 0 00

Acct. #100

5 1 J14 1 8 4 00 4 J14 2 3 0 00 5 J14 3 4 00 22 J15 1 5 0 00 Account balance 2 3 0 00

Date Accounts Receivable Acct. #111 P/R Dr Cr

5 1 Balance J14 90 0 0 00 31 Adjusting entry J15 90 0 0 00 31 Adjusting entry J15 80 0 0 00 Account balance 80 0 0 00

Date Inventory Acct. #121 P/R Dr Cr

5 1 Balance 10 0 0 00 31 Adjusting entry J15 1 0 0 00 Account balance 9 0 0 00

Date Prepaid Insurance Acct. #131 P/R Dr Cr

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Date Description Acct. #202 P/R Dr CrAccounts Payable

5 1 Balance 4 2 7 00

1 2

3 J14 3 4 2 0010 J14 8 5 0012 J14 4 2 0 0019 J14 1 0 0 0 00

27 J15 2 0 0 00 Account balance 1 2 2 0 00

5 1 Balance 2 8 0 00 6 J14 3 1 00 31 Adjusting entry J15 6 0 00 Account balance 2 5 1 00

Date Offi ce Supplies Acct. #133 P/R Dr Cr

5 1 Balance 5 4 0 0 00 25 J15 2 0 0 00 Account balance 5 2 0 0 00

Date Notes Payable #201 P/R Dr Cr

5 1 Balance 1 2 0 0 00 31 Adjusting entry J15 2 0 00 Account balance 1 2 2 0 00

Date Accum. Depr. Eqpmnt. Acct. #146 P/R Dr Cr

5 1 Balance 14 4 0 0 00 31 Adjusting entry J15 2 0 0 00 Account balance 14 4 0 0 00

Date Accumulated Depr. Bldg #144 P/R Dr Cr

5 1 Balance 5 00 0 0 00 Date Land #141 P/R Dr Cr

5 1 Balance 20 0 0 00 Date Equipment #145 P/R Dr Cr

5 1 Balance 5 00 0 0 00 Date Building #143 P/R Dr Cr

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Date Description P/R Dr CrSales Tax Payable Acct. #231

5 1 Balance 4 6 00

1 2

7 J14 1 4 7 00 14 J14 9 8 00 21 J15 2 7 00 31 J15 1 3 4 00

31 J15 3 00 Account balance 4 4 9 00

Date Description P/R Dr Cr Income Summary Acct. #321

5 1 Balance 0 00

1 2

31 Adjusting entry J15 9 0 0 0 00 31 Adjusting entry J15 8 0 0 0 00 31 Closing entry J16 1 2 8 9 4 00 31 Closing entry J16 6 9 8 7 00

31 Closing entry J16 4 9 0 7 00 Account balance 0 00

5 1 Balance 700 0 0 00 20 J15 12 0 0 00 Account balance J14 688 0 0 00

Date Mortgage Payable Acct. #251 P/R Dr Cr

5 1 Balance 229 9 1 00 31 Closing entry J16 49 0 7 00 31 Closing entry J16 1 2 5 00 Account balance 277 7 3 00

Date Capital Acct. #301 P/R Dr Cr

5 1 Balance 0 00 17 J14 1 2 5 00 31 Closing entry J16 1 2 5 00 Account balance 0 00

Date Drawing Acct. #302 P/R Dr Cr

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Date Description P/R Dr Cr Sales Acct. #401

5 1 Balance 0 00

1 2

4 J14 2 3 0 00 7 J14 4 8 5 3 00 14 J14 3 6 4 2 00 21 J15 1 4 2 3 00

31 J15 2 5 4 6 00

Account balance 00 31 Closing entry J16 1 2 6 9 4 00

5 1 Balance 0 00 31 J15 5 3 00 31 Closing entry J16 5 3 00 Account balance 0 00

Date Sales Returns and Allowances Acct. #402 P/R Dr Cr

5 1 Balance 0 00 11 J14 4 2 0 00 19 J15 1 0 0 0 00 31 Closing entry J16 1 4 2 0 00 Account balance 0 00

Date Purchases Acct. #501 P/R Dr Cr

5 1 Balance 0 00 27 J15 2 0 0 00 31 Closing entry J16 2 0 0 00 Account balance 0 00

Date Purchase Returns and Allowances Acct. #521 P/R Dr Cr

5 1 Balance 0 00 14 J14 2 0 0 0 00 31 J15 3 0 0 0 00 31 Closing entry J16 5 0 0 0 00 Account balance 0 00

Date Salary Expense Acct. #601 P/R Dr Cr

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5 1 Balance 0 00 31 Adjusting entry J15 6 0 00 31 Closing entry J16 6 0 00 Account balance 0 00

Date Offi ce Supply Expense Acct. #615 P/R Dr Cr


Date U lity Expense Acct. #605 P/R Dr Cr

5 1 Balance 0 00 31 Adjusting entry J15 1 0 0 00 31 Closing entry J16 1 0 0 00 Account balance 0 00

Date Insurance Expense Acct. #619 P/R Dr Cr


Date Telephone Expense Acct. #613 P/R Dr Cr

5 1 Balance 0 00 31 Adjusting entry J15 2 2 0 00 31 Closing entry J16 2 2 0 00 Account balance 0 00

Date Deprecia on Expense Acct. #621 P/R Dr Cr


Date Bad Debts Expense Acct. #623 P/R Dr Cr

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QUIZ 13 SUBSIDIARY LEDGERS

Date Item P/R Dr Cr Bal

Accounts Receivable Ledger

Julie Adams

5 1 Beginning balance 1 5 0 00 4 J14 2 3 0 00 3 8 0 00 22 J15 1 5 0 00 2 3 0 00


Accounts Receivable Ledger

Ed Miller

5 1 Balance 3 4 00 5 Write-Off J14 3 4 00 0 00


Accounts Payable Ledger

Light House Supply

5 1 Balance 0 00 19 J14 1 0 0 0 00 1 0 0 0 00



Paper Works

5 1 Balance 8 5 00 10 J14 8 5 00 0 00



Electrifying Bulb Co.

5 1 Balance 3 4 2 00 3 J14 3 4 2 00 0 00 12 J14 4 2 0 00 4 2 0 00 27 J15 2 0 0 00 2 2 0 00

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QUIZ 13 WORKSHEET

Bright Ideas Light CenterWorksheet

For the month ending May 31, 20XX 1 2 3 4 5 6 7 8 9 10 Unadjusted Operating Trial Balance Adjustments Adjusted Trial Balance Statement Balance Sheet Account Title Dr Cr Dr Cr Dr Cr Dr Cr Dr CrCash 7881 -- 7881 -- 7881--Acc. Rec. 230-- 230-- 230-- Inventory 9000-- b 8000-- a 9000-- 8000-- 8000--Prepaid Insurance 1000-- c 100-- 900-- 900-- Offi ce Supplies 311-- d 60-- 251-- 251--Land 50000-- 50000-- 50000--Building 50000-- 50000-- 50000-- Accum. Depr. Bldg 14400 -- e 200 -- 14600 -- 14600 --Equipment 2000 -- 2000 -- 2000 --Acc. Depr. Equip. 1200-- e 20-- 1220-- 1220--Notes Payable 5200-- 5200-- 5200--Acc. Payable 1220-- 1220-- 1220--Sales Tax Payable 449-- 449-- 449--Mortgage Payable 68800-- 68800-- 68800--Capital 22991-- 22991-- 22991--Drawing 125-- 125-- 125--Sales 12694-- 12694-- 12694--Sales Rtns & All 53-- 53-- 53-- Purchases 1420-- 1420-- 1420-- Purchase Rtns & All 200-- 200-- 200-- Salary Expense 5000-- 5000-- 5000-- Utility Expense 55-- 55-- 55--Telephone Expense 45-- 45-- 45--Bad debts Expense 34-- 34-- 34-- 127154-- 127154 --Income Summary a 9000-- b 8000-- 9000 -- 8000-- 9000-- 8000-- Insurance Expense c 100-- 100-- 100-- Offi ce Supp. Exp. d 60-- 60-- 60--Depreciation Exp. e 220-- 220-- 220-- 17380-- 17380 -- 135374-- 135374-- 15987-- 20894-- 119387-- 114480--Net income (loss) 4907-- 4907-- 20894-- 20894-- 119387-- 119387--

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QUIZ 13

Bright Ideas Light CenterOperating Statement

For the month ending May 31, 20XX

Operating Revenue $12,694.00 Sales 53.00 Less: Sales Returns & Allowances $12,641.00 Total Sales Cost of Goods Sold Beginning Inv. April 30th, 20XX $9,000.00 Purchases $1,420.00 Less: Purchase Returns & Allowances 200.00 Net Purchases 1,220.00 Total Merchandise Available for Sale 10,220.00 Less: Ending Inventory May 31st, 20XX 8,000.00 Cost of Goods Sold 2,220.00Gross profi t on Sales $10,421.00 Operating Expenses Salary Expense $5,000.00 Utility Expense 55.00 Telephone Expense 45.00 Insurance Expense 100.00 Offi ce Supply Expense 60.00 Depreciation Expense 220.00 Bad Debts Expense 34.00 Total Operating Expenses 5,514.00Net Income for May, 20XX $4,907.00

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Bright Ideas Light CenterBalance Sheet

For the month ending May 31st, 20XXASSETS Current assets Cash $7,881.00 Accounts receivable 230.00 Offi ce supplies 251.00 Prepaid insurance 900.00 Inventory 8,000.00 Total current assets $17,262.00 Fixed assets Land $50,000.00 Building $50,000.00 Less accumulated depreciation 14,600.00 35,400.00 Equipment 2,000.00 Less accumulated depreciation 1,220.00 780.00 Total fi xed assets $86,180.00Total assets $103,442.00 LIABILITIES AND CAPITAL Current liabilities Accounts payable $1,220.00 Notes payable 5,200.00 Sales tax payable 449.00 Total current liabilities $6,869.00 Long-term liabilities Mortgage payable 68,800.00Total liabilities $75,669.00 OWNER’S EQUITY Alice Peterson, Capital 27,773.00Total Liabilities and Capital $103,442.00

Bright Ideas Light CenterCapital Statement

For the month ending May 31st, 20XX

Alice Peterson, Capital, April 30th, 20XX $22,991.00Net Income for May $4,907.00Less Alice Peterson Drawing 125.00Net Increase in Capital 4,782.00Alice Peterson, Capital, May 31st, 20XX $27,773.00

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Bright Ideas Light CenterPost Closing Trial Balance

For the month ending May 31st, 20XX Cash $7,881.00 Accounts receivable 230.00 Inventory 8,000.00 Prepaid insurance 900.00 Offi ce supplies 251.00 Land 50,000.00 Building 50,000.00 Acc. depreciation building $14,600.00 Equipment 2,000.00 Acc. depreciation equipment 1,220.00 Note payable 5,200.00 Accounts payable 1,220.00 Sales tax payable 449.00 Mortgage payable 68,800.00 Alice Peterson, capital 27,773.00 Totals $119,262.00 $119,262.00

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QUIZ 14

-4 points for each incorrect answer.

80+ = Terrifi c work!70+ = Keep working hard. (Blue grading insert)Below 70 = Review carefully. (Yellow skills insert)Insert: MV40

1. B pg. 14-3

2. D pg. 14-12

3. D pg. 14-4

4. A pg. 14-4

5. D pg. 14-5

6. C pg. 14-5

7. D pg. 14-6

8. C pg. 14-12

9. B pg. 14-12

10. A pg. 14-15

11. B pg. 14-15

12. C pg. 14-17

13. A pg. 14-19

14. D pg. 14-20

15. C pg. 14-21

16. C pg. 14-21

17. A pg. 14-22

18. D pg. 14-22

19. A pg. 14-27

20. B pg. 14-27

21. B pg. 14-27

22. A pg. 14-27

23. B pg. 14-27

24. C pg. 14-30

25. D pg. 14-30

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QUIZ 15

-3 points for each incorrect answer.-1 point for each incorrect entry on forms and journal.

80+ = You have done a nice job with the payroll entries.70+ = Take time to review your errors. (Blue grading insert)Below 70 = Review carefully. (Yellow skills insert)Throughput: Your next lesson will prepare you for your new career.Insert: 1800MV03A

1. A pg. 15-2

2. C pg. 15-3

3. A pg. 15-7

4. B pg. 15-10

5. C pg. 15-6

6. D pg. 15-13

7. B pg. 15-6

8. C pg. 15-2

9. D pg. 15-6

10. A pg. 15-19

11. D pg. 15-10

12. D pg. 15-7

13. B pg. 15-7

14. A

15. A pg. 15-20

16. B pg. 15-20

17. D pg. 15-21

18. A pg. 15-22

19. D pg. 15-18

20. B pg. 15-21

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TIME CARDName Joan WilliamsSS #

Date Morning Afternoon HoursIn Out In Out

7-1-xx 8:00 12:00 1:00 5:00 87-2-xx 8:30 12:30 1:00 5:30 8.57-3-xx 8:00 12:00 1:00 5:30 8.57-4-xx 8:00 12:00 1:00 5:00 87-5-xx 7:30 12:00 1:00 6:00 9.5

Total Hours Worked 42.5Wage Calculation Hours Rate TotalRegular Hours 40 5.00/hr 200.00Overtime Hours 2.5 7.50/hr 18.75Gross Wages 218.75Paid 7-7-XX Check #424 By

TIME CARDName Allen RichardsSS # 222-22-2222

Date Morning Afternoon HoursIn Out In Out

7-1-xx 9:00 12:00 1:00 7:00 97-2-xx 9:00 12:00 1:00 6:00 87-3-xx 9:00 12:00 1:00 6:00 87-4-xx 9:00 12:00 1:00 7:00 97-5-xx 9:00 12:00 1:00 7:30 9.5

Total Hours Worked 43.5Wage Calculation Hours Rate TotalRegular Hours 40 5.00/hr 200.00Overtime Hours 3.5 7.50/hr 26.25Gross Wages 226.25Paid 7-7-XX Check #423 By

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Individual Earnings Record for 20 ___

Last Name Williams First Name Joan Exemptions 3

Soc. Sec. #111-11-1111 Marital Status M

Rate of Pay $5.00/hr Date Hours Earnings Deductions Net Pay Ck #No. Wk Reg O/T Regular Overtime Total Fed FICA Medicare State Total Ended Tax Tax Deductions 1 7/5 40 2.5 200.00 18.75 218.75 18.00 13.56 3.17 1.00 35.73 183.02 424

Individual Earnings Record for 20 ___

Last Name Richards First Name Allen Exemptions 2

Soc. Sec. #222-22-222 Marital Status M

Rate of Pay $5.00/hr Date Hours Earnings Deductions Net Pay Ck #No. Wk Reg O/T Regular Overtime Total Fed FICA Medicare State Total Ended Tax Tax Deductions 1 7/5 40 3.5 200.00 26.25 226.25 25.00 14.03 3.28 2.00 44.31 181.94 423

PAYROLL REGISTER WEEK BEGINNING 7/1/XX ENDING 7/5/XX ABC Company Name # Martial YTD Hrs Rate Earnings YTD Deductions Net CK

Exm Status Earnings Wkd Earnings Amount #

Reg O/T Gross Fed Tax FICA Medicare State Tax Other

Edward Adams 2 M 6760.00 48 5.00 200.00 60.00 260.00 7020.00 30.00 16.12 3.77 3.00 207.11 421Alice Johnson 4 M 6650.00 45 5.00 200.00 37.50 237.50 6887.50 20.00 14.73 3.44 1.00 198.33 422Allen Richards 2 M 6335.00 43.5 5.00 200.00 26.25 226.25 6561.25 25.00 14.03 3.28 2.00 181.94 423Joan Williams 3 M 5915.00 42.5 5.00 200.00 18.75 218.75 6133.75 18.00 13.56 3.17 1.00 183.02 424

TOTALS 800.00 142.50 942.50 93.00 58.44 13.66 7.00 770.40

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QUIZ 15

QUIZ 15

XYZ’s total tax liability is: _$244.20_____________

Possible notes:

-A total of the above starred items.-The state liability is included.

Check issued to payroll

Medicare tax payable 1 3 6 6 7 0 0

FICA payable 5 8 4 4 Medicare tax payable 1 3 6 6

7-7 Wage expense 9 4 2 5 0 20XX Description P/R Dr Cr XYZ Company

Cash 7 7 0 4 0

General Journal Page 10

Federal tax payable 9 3 0 0 FICA payable 5 8 4 4

Salaries payable 7 7 0 4 0 To record weekly payroll 7 Salaries/Wages payable 7 7 0 4 0

7 Payroll taxes expense 7 2 1 0

State tax payable

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p bookkeeping instructor keys

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