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Week Four Exercise Assignment
Week Four Exercise Assignment
Question # 1
LP partnership 19X7
Partnership Formation Journal Entry
Debit Credit
Cash
$30,000
Land
$80,000
Levy Capital
$110,000
Cash
$50,000
Equipment
$20,000
Parcells
$70,000
Question # 2 a
Brookhaven Publishing
Payroll Entry February
Debit
Credit
Salary Expense $ 50,000
Social Security taxes
$ 3,300
Medicare taxes
$ 1,950
Federal income taxes withheld
$ 7,500
State income taxes
$ 2,500
Insurance withholdings
$ 500
Cash $ 34,250
Question # 2 b
Brookhaven Publishing
Employer Payroll Tax Entry February
Debit
Credit
Payroll Tax Expense
$ 13,128
Matching Social Security taxes
$ 3,300
?Matching Medicare taxes
$ 1,950
State unemployment taxes
$ 378
Federal unemployment taxes
$ 7,500
Question # ...
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