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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The column totals from the payroll register of Jawhawk Supplies for the week ended February 9 were as follows:

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Prepare the journal entry to record the payroll, crediting Cash for the net pay.

The answers to the Self-Study Test Questions are at the end of the chapter (page 316).

To determine

Prepare the journal entry to record the payroll, crediting Cash for the net pay.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees.

Prepare the journal entry to record the payroll, crediting Cash for the net pay.

DateAccount Title and explanationPost. refDebit ($)Credit ($)
 Wages and Salaries expense 4,600.00 
 Employee federal income tax payable  417.00
 FICA-Social Security taxes payable   285.20
 FICA-Medicare Taxes payable  66.70
 State Income tax payable  46.00
 Health insurance premium payable  181.00
 Cash  3,604...

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