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Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

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BuyFindarrow_forward

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Chapter 10, Problem 10.4APE
Textbook Problem
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Journalize period payroll

The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Federal withholding for the period totaled $43,560.

Provide the journal entry for the period’s payroll.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To Journalize: The entry to record period’s payroll.

Explanation of Solution

Explanation;

Prepare journal entry to record period’s payroll.

Date Accounts and Explanation Post Ref Debit($) Credit ($)
Salaries Expense   220,000  
      Social Security Taxes Payable     13,200
      Medicare Taxes Payable     3,300
      Employee Federal Income Taxes Payable >&#...

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Chapter 10 Solutions

Financial & Managerial Accounting
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