Altons Arboreal Association is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter...
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Accounting
Altons Arboreal Association is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary deductions are displayed below. Record one journal entry to account for the payment of federal unemployment taxes, and one journal entry to account for the payment of the voluntary deductions. Assume that each voluntary deduction is remitted to the respective organization on a quarterly basis, on the last day of the first month after the end of the quarter. All tax payments are made in a timely manner, on the payment due date (which, for this quarter, is not impacted by a weekend or holiday).
Notes:
- Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits.
- See the Chart of Accounts provided for the proper account names to use.
- To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount.
- Do not include journal entry explanation when submitting your answer.
4th Quarter Totals: | |
Federal Unemployment Tax | $370 |
Retirement Plan | $4240 |
Health Insurance | $3020 |
Charitable Contribution | $700 |
Cafeteria Plan | $5560 |
Date | Account Name | Debit | Credit |
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