Accounting: What the Numbers Mean
Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Chapter 7, Problem 7.2ME

Mini-Exercise 7.2

LO 4

Other accrued liabilities-payroll For the payroll period ended on June 25, 2016, gross pay was $28,600, net pay was $20,400, FICA tax withholdings were $2,000, income tax withholdings were $5,000, and medical insurance contributions were $1,200.

Required:

Use the horizontal model (or write the journal entry') to show the effects of the payroll accrual on June 25, 2016.

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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License