The following journal entry for payroll taxes has been recorded by Ruth for her hair salon business. Assume federal income tax is $3,832.00 and state income tax is $306.00. Prepare the journal entry to record payment of the payroll taxes, assuming all taxes were paid on the same day. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) General Journal Date Account Titles and Explanation Ref. Debit Credit Payroll Tax Expense 2,232.20 FICA Taxes Payable 1,223.00 Federal Unemployment Taxes Payable 67.20 State Unemployment Taxes Payable 942.00 (To record employer’s payroll taxes) Account Titles and Explanation Debit Credit
The following journal entry for payroll taxes has been recorded by Ruth for her hair salon business. Assume federal income tax is $3,832.00 and state income tax is $306.00. Prepare the journal entry to record payment of the payroll taxes, assuming all taxes were paid on the same day. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) General Journal Date Account Titles and Explanation Ref. Debit Credit Payroll Tax Expense 2,232.20 FICA Taxes Payable 1,223.00 Federal Unemployment Taxes Payable 67.20 State Unemployment Taxes Payable 942.00 (To record employer’s payroll taxes) Account Titles and Explanation Debit Credit
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
Section: Chapter Questions
Problem 7RE: Wallace Corporation summarizes the following information from its weekly payroll records during...
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Prepare the journal entry to record payment of the payroll taxes, assuming all taxes were paid on the same day. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
General Journal
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Date
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Account Titles and Explanation
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Ref.
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Debit
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Credit
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Payroll Tax Expense
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2,232.20
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FICA Taxes Payable
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1,223.00
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Federal
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67.20
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State Unemployment Taxes Payable
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942.00
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(To record employer’s payroll taxes) |
Account Titles and Explanation
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Debit
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Credit
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