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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

PAYROLL JOURN AL ENTRY Journalize the following data taken from the payroll register of Himes Bakery as of June 12, 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 ($)Credit ($)
June 12Wages and Salaries expense 7,470.00 
 Employee federal income tax payable  782.00
 FICA-Social Security taxes payable   463.14
 FICA-Medicare Taxes payable  108.32
 Pension plan payable  80.00
 Health insurance premium payable  190.00
 United way contributions payable  150.00
 Cash  5,696.54
 (To record the payroll for the week  ended June 12 )   

Table (1)

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

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