1- Feb. 28: Journalize the monthly payroll for february, based on the following

Question

1- Feb. 28: Journalize the monthly payroll for february, based on the following data :

2- Feb.28: Record the payroll tax for the February payroll assuming the company has $4,700 of wages subject to 1% FUTA and 5% SUTA tax rates:

3- May.20: Paid the January 20 note that the money was borrowed ( $50,000, 12%, 120-day) . to First Un-Local Bank at maturity, assuming a 360- day year:

4- Fill in the mission amounts on the following 4-column GL account:

Balance

Gross wages $22,000 Employee Deductions Federal income tax withheld $5,500 Social Security tax witheld $1,320 Medicare tax withheld $330 Retirement contributions $ 1,870

Explanation / Answer

1 journal entry

Salary & wages expense Dr $ 22,000

Federal Income tax withheld payable Cr $ 5,500

Social Security Tax withheld payable Cr $ 1,320

Medicare taxrate withheld payable Cr $ 330

Retirement contributions payable Cr $ 1,870

Wages Payable Cr $ 12980

2) pay roll tax

FUTA = 4,700 X 1% = $ 47

SUTA = 4,700 X 5% = $ 235

3) may 20

Note payable Dr $ 50,000

Interest expense Dr $ 2,000 ( 50,000 X 12% X 120/360)

Cash Cr $ 52,000

ask other part seperately

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.