Recording payroll and payroll taxes.Assume that the company is subject to a 2% state unemployment tax and 0.6% federal unemployment tax.REQUIRED: Record the following in general journal entry form on May 31.A. Accrual of monthly payroll B. Payment of the net payrollC. Accrual of employers payroll taxes(assume that the FICA matches the amount withhold)D. Payment of these payroll related liabilities. (assume that all are settled at the same time)The options for the shaded drop boxes are :Administrative salaries expense, cash, custodial salaries expense, federal income tax withholding payable, federal unemployment tax payable, FICA tax payable, payroll payable, payroll tax expense, sales salaries expense, state unemployment tax payable. RequiredRecord the following in general journal form on May 31:a. Accrual of the monthly payroll.b. Payment of the net payroll.wwc. Accrual of employer's payroll taxes. (Assume that the FICA matches the amount withheldd. Payment of these payroll-related liabilities. (Assume that all are settled at the same timeRound your answers to the nearest dollar.Part APart BPart CPart DGeneral JournalDateDescriptionDebitCreditMay 31 Administrative Salaries ExpenseSales Salaries ExpenseFederal Income Tax Withholding PayableFICA Tax PayableTo record May payroll.45$0 $00000Ō00000 Recording Payroll and Payroll TaxesThe following data are taken from Stockton Wholesale Company's May payroll:Administrative salaries$50,000Sales salaries51,000Custodial salaries7,000Total payroll$108,000$108,00085,000Salaries subject to 1.45 percent Medicare taxSalaries subject to 6.2 percent Social Security taxSalaries subject to federal unemployment taxesSalaries subject to state unemployment taxes14,00021,000Federal income taxes withheld from all salaries17,800Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6 percent federal unemployment tax.RequiredRecord the following in general journal form on May 31:a. Accrual of the monthly payroll.b. Payment of the net payroll.c. Accrual of employer's payroll taxes. (Assume that the FICA matches the amount withheld.)d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.)Round your answers to the nearest dollar.Part APart BPart CPart DGeneral lournal

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

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Recording payroll and payroll taxes. Assume that the company is subject to a 2% state unemployment tax and 0.6% federal unemployment tax. REQUIRED: Record the following in general journal entry form on May 31. A. Accrual of monthly payroll B. Payment of the net payroll C. Accrual of employers payroll taxes(assume that the FICA matches the amount withhold) D. Payment of these payroll related liabilities. (assume that all are settled at the same time) The options for the shaded drop boxes are : Administrative salaries expense, cash, custodial salaries expense, federal income tax withholding payable, federal unemployment tax payable, FICA tax payable, payroll payable, payroll tax expense, sales salaries expense, state unemployment tax payable.

Required
Record the following in general journal form on May 31:
a. Accrual of the monthly payroll.
b. Payment of the net payroll.
ww
c. Accrual of employer's payroll taxes. (Assume that the FICA matches the amount withheld
d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time
Round your answers to the nearest dollar.
Part A
Part B
Part C
Part D
General Journal
Date
Description
Debit
Credit
May 31 Administrative Salaries Expense
Sales Salaries Expense
Federal Income Tax Withholding Payable
FICA Tax Payable
To record May payroll.
45
$
0 $
0
0
0
0
0
Ō
0
0
0
0
0

Recording Payroll and Payroll Taxes
The following data are taken from Stockton Wholesale Company's May payroll:
Administrative salaries
$50,000
Sales salaries
51,000
Custodial salaries
7,000
Total payroll
$108,000
$108,000
85,000
Salaries subject to 1.45 percent Medicare tax
Salaries subject to 6.2 percent Social Security tax
Salaries subject to federal unemployment taxes
Salaries subject to state unemployment taxes
14,000
21,000
Federal income taxes withheld from all salaries
17,800
Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6 percent federal unemployment tax.
Required
Record the following in general journal form on May 31:
a. Accrual of the monthly payroll.
b. Payment of the net payroll.
c. Accrual of employer's payroll taxes. (Assume that the FICA matches the amount withheld.)
d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.)
Round your answers to the nearest dollar.
Part A
Part B
Part C
Part D
General lournal

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