Secure https CYPC1AACCTIOR 11200 11200 ACCT 101 C-003 Pinancial Accounting/Ch 10

Question

Secure https CYPC1AACCTIOR 11200 11200 ACCT 101 C-003 Pinancial Accounting/Ch 10 Part 2 HW Exercise 10-5 During the month of Marth Di sao Co pr y's employees earned for federal ages of $72,000 withhold gs related to nese ages #5 50e for Social Sec rity (FICA S8 438 tor federa' inorme tax, S3,488 for ne ncome tax, and $450 tu es. Th,conpany Prepare the necessany March 31 youmal entry to record saleries and wages expense and selares and wages siyable Assune that wages earned auning Hanch weil be pwd auring Apr. (cneec Date Account Title. Explanation Debit your arower is partiaty correc. Try agan. utamatkally ideated when amount is-ered. Do indent manually.) Question Artempts: 1 ef S us

Explanation / Answer

The journal entry is

Payroll tax expense a/c Dr --------$6,296.

To FICA taxes payable a/c Cr--------------------------$5,508.

To State unemployment taxes payable a/c Cr-----$788.

.(Being tax expense entry recorded)

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