ezto.mheducation.com/hm.tpx Bookmarks ESCI 111 Quiz 10 M10-4 Reporting Payroll T

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ezto.mheducation.com/hm.tpx Bookmarks ESCI 111 Quiz 10 M10-4 Reporting Payroll Tax Liabilities [LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $65,000 but that employee income taxes totaling $10,000 and FICA taxes totaling $3,375 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Light unemployment taxes for this pay period.ts.Assume Lightning Electronics must also pay $400 of Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer Required" in the first account field.) taxes. (If no entry is required for a transaction/event, select "No Journal Entry View transaction list Record the wages expense for November 1-14 time period, including payroll deductions. Record the payroll tax expense. payroll Credit 3,375 10,000 4,625 Note : = journal entry has been entered Record entry Clear entry View general journal

Explanation / Answer

1 Salaries and wages expense 65000          FICA payable 3375           Income taxes payable 10000           Cash 51625 2 Payroll tax expense 3775          FICA payable 3375           Unemployment taxes payable 400

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