Kinsella, Inc., has a gross payroll of $10,000 for the pay period. The entire payroll is subject

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Kinsella, Inc., has a gross payroll of $10,000 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Kinsella must also withhold $1,200 in income taxes from the employees and pay state unemployment taxes of $30.

Required:
Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes.
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Related Book For  book-img-for-question

Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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