College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
On September 30, Hilltop Company’s selected payroll accounts are as follows:
Prepare general journal entries to record the following:
Prepare journal entry to record the given transactions.
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 journal entry to record the given transactions.
| Date | Account Title and explanation | Debit ($) | Credit ($) |
| October 15 | Employee federal income tax payable | 3,210.85 | Â |
| Â | FICA-Social Security taxes payable | 3,752.16 | Â |
| Â | FICA-Medicare Taxes payable | 877.52 | Â |
| Â | Â Â Â Â Cash | Â | 7,840.53 |
| Â | (To record the issuance of check for federal tax deposit.) | Â | Â |
(Table 1)
- Employee Federal income tax payable is a liability and there is a decrease in the value of liability. Hence, debit the employee Federal income tax payable by $3,210.18.
- FICA tax – social and security tax payable is a liability and there is a decrease in the value of liability. Hence, debit the FICA tax – social and security tax payable by $3,752.16.
- FICA tax – medical tax payable is a liability and there is a decrease in the value of liability
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