Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the
Question:
Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details:
Required:
1. Provide the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid but that Palouse has yet to transfer any withholdings to the government.
2. Provide the journal entry to record the employer’s payroll taxes, which have not yet been paid to the government.
3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies.
Transcribed Image Text:
Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes* *Assessed on both employer and employee (i.e., $15,000 each). $200,000 40,000 1,000 15,000
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Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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