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 # ...