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Weygandt, Accounting Principles, 12e
Chapter Eleven
Solutions to Challenge Exercises
Challenge Exercise 11-1 – Solution
(a) Oct. 31 Cash ............................................................................ 360,000
Unearned Subscription Revenue ......................... 360,000
(12,000 X $30)
Challenge Exercise 11-2 – Solution
(a) Net pay = Gross pay – FICA taxes – Federal income tax – State income tax
(b) Salaries and Wages Expense ............................................................. 2,000
FICA Taxes Payable ................................................................... 153
(c) Salaries and Wages Payable .............................................................. 1,464
Cash ........................................................................................... 1,464
(d) Payroll Tax Expense ........................................................................... 277
