The following information about the payroll for the week ended December 30 was o

Question

The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.:

Salaries: Deductions: Sales salaries $198,000 Income tax withheld $71,808 Warehouse salaries 109,000 Social security tax withheld 24,480 Office salaries 101,000 Medicare tax withheld 6,120 $408,000 Retirement savings 8,976 Group insurance 7,344 $118,728 Required If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll. Date Account Debit Credit Dec. 30

Explanation / Answer

Date Account debit credit dec 30 sales salaries expense 198000 warehouse salaries expense 109000 office salaries expense 101000 employee income tax payable 71808 social security tax payable 24480 medicare tax payable 6120 bond deduction payable 8976 group insurance payable 7344 salaries payable [408000-289272] 289272

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