The payroll register of Seaside Architecture Company indicates $820 of social security and $215 of Medicare tax withheld on total salaries of $14,400 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%.Required: Prepare the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Chart of Accounts CHART OF ACCOUNTSSeaside Architecture CompanyGeneral Ledger ASSETS110Cash111Accounts Receivable112Interest Receivable113Notes Receivable115Inventory116Supplies118Prepaid Insurance120Land123Building124Accumulated Depreciation-Building125Office Equipment126Accumulated Depreciation-Office Equipment LIABILITIES210Accounts Payable213Interest Payable214Notes Payable221Salaries Payable222Social Security Tax Payable223Medicare Tax Payable224Federal Withholding Tax Payable225State Withholding Tax Payable226Federal Unemployment Tax Payable227State Unemployment Tax Payable228State Disability Insurance231Medical Insurance Payable232Retirement Savings Deductions Payable233Union Dues Payable234Vacation Pay Payable235Unfunded Pension Liability241Product Warranty Payable242EPA Fines Payable243Litigation Claims Payable EQUITY310Common Stock311Retained Earnings312Dividends REVENUE410Sales610Interest Revenue EXPENSES510Cost of Goods Sold520Salaries Expense525Delivery Expense526Repairs Expense531Rent Expense533Insurance Expense534Supplies Expense535Cash Short and Over536Product Warranty Expense541Vacation Pay Expense542Pension Expense543Payroll Tax Expense544Federal Income Tax Expense545State Income Tax Expense561Depreciation Expense-Building562Depreciation Expense-Office Equipment570Damage Awards and Fines590Miscellaneous Expense710Interest Expense General Journal Prepare the journal entry to record the payroll tax expense on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. PAGE 1 JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 3 4 5

Payroll tax: It refers to the tax that is levied on the company on the spending of its employees.…

Answered: The payroll register of Seaside…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 74APSA: Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll:...

See similar textbooks

Related questions

Question

The payroll register of Seaside Architecture Company indicates $820 of social security and $215 of Medicare tax withheld on total salaries of $14,400 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%.

Required:

Prepare the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.

Chart of Accounts

CHART OF ACCOUNTS

Seaside Architecture Company

General Ledger

	ASSETS
110	Cash
111	Accounts Receivable
112	Interest Receivable
113	Notes Receivable
115	Inventory
116	Supplies
118	Prepaid Insurance
120	Land
123	Building
124	Accumulated Depreciation-Building
125	Office Equipment
126	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
213	Interest Payable
214	Notes Payable
221	Salaries Payable
222	Social Security Tax Payable
223	Medicare Tax Payable
224	Federal Withholding Tax Payable
225	State Withholding Tax Payable
226	Federal Unemployment Tax Payable
227	State Unemployment Tax Payable
228	State Disability Insurance
231	Medical Insurance Payable
232	Retirement Savings Deductions Payable
233	Union Dues Payable
234	Vacation Pay Payable
235	Unfunded Pension Liability
241	Product Warranty Payable
242	EPA Fines Payable
243	Litigation Claims Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Salaries Expense
525	Delivery Expense
526	Repairs Expense
531	Rent Expense
533	Insurance Expense
534	Supplies Expense
535	Cash Short and Over
536	Product Warranty Expense
541	Vacation Pay Expense
542	Pension Expense
543	Payroll Tax Expense
544	Federal Income Tax Expense
545	State Income Tax Expense
561	Depreciation Expense-Building
562	Depreciation Expense-Office Equipment
570	Damage Awards and Fines
590	Miscellaneous Expense
710	Interest Expense

General Journal

Prepare the journal entry to record the payroll tax expense on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Federal Insurance Contributions Act (FICA)

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.