Mc Deal Corporation has six salaried employees who are paid every two weeks and are given two
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Gross Pay.................................................. $30,000
FICA Taxes............................................... 2,295
Federal Income Taxes................................ 7,353
State Income Taxes.................................... 1,138
Health Insurance Premiums........................ 1,000
Required:
(a) Prepare the October 31 journal entry to record this payroll.
(b) Prepare the October 31 journal entry to record the accrual of vacation pay.
(c) Prepare the journal entry to pay the employees on November 3.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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