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Complete the following transactions and explain how they would appear in your register.

Your beginning balance on October 1 is $542.89.
You pay Land Electric $43.90 on October 7. (Check #400)
You deposit your paycheck on October 23 ($7.25/hour for 40 hours/wk for 2 weeks with deductions of FICA (7.65%), federal withholding (12%), and state withholding (8.75%).
You buy $78.54 plus 6% sales tax in clothes from FitRight on October 24 using your debit card.
Be sure to include in your response:

the steps you followed to complete your computations.
the balance as of October 24
the process for entering the transaction in the registry

Respuesta :

anthougo

The process for recording the transactions in the registry are as follows:

Journal entries in the registry:

October 1 Beginning balance =                                      $542.89

October 7 Payment Land Electric (Check #400)           ($43.90)

October 23 Net earnings for  2 weeks =                       $415.28

October 24 Purchase of clothes (plus 6% sales tax) = ($83.25)

October 24 Ending balance =                                       $831.02

Data and Calculations:

October 1 Beginning balance = $542.89

October 7 Payment Land Electric (Check #400) $43.90

Gross earnings for 2 weeks = $580 ($7.25 x 40 x 2)

FICA (7.65%)                             $44.37 ($580 x 7.65%)

Federal withholding (12%)       $69.60 ($580 x 12%)

State withholding (8.75%)       $50.75 ($580 x 8.75%)

Total of FICA and withholding = $164.72

October 23 Net earnings for  2 weeks = $415.28 ($580 - $164.72)

October 24 Purchase of clothes (plus 6% sales tax) = $83.25 ($78.54 x 1.06)

Thus, process for entering transactions in the registry is to add the earnings to the beginning balance, and deduct the payments and purchases to arrive at the ending balance.

Learn more about recording transactions here: brainly.com/question/24835236

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