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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

PAYROLL JOURNAL ENTRY Journalize the following data taken from the payroll register of Copy Masters as of April 15, 20—:

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To determine

Prepare journal entry to record the given payroll entries.

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.

DateAccount Title and explanationPost. refDebit ($)Credit ($)
April 15Wages and Salaries expense 6,505.00 
 Employee federal income tax payable  625.00
 FICA-Social Security taxes payable   403.31
 FICA-Medicare Taxes payable  94.32
 Pension plan payable  80.00
 Health insurance premium payable  270.00
 United way contributions payable  100.00
 Cash  4,932.37
 (To record the payroll for the week  ended April 15)   

Table (1)

  • Wages and Salaries expense is an expense account and it is increased...

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