Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March: Officers' salaries Sales...

  

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Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March: Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Salaries (included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes Required Prepare journal entries on March 31 to record: a. Accrual of the monthly payroll. $42,000 68,000 24,000 8,200 2,500 71,000 76,000 b. Payment of the net payroll. c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.) d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.) Date a. Mar.31 b. Mar.311 C. Mar.31 Description Sales Salaries Expense General Journal FICA Tax Payable Health Insurance Premiums Payable Payroll Payable To record March payroll. To pay net payroll for March. FICA Tax Payable State Unemployment Tax Payable To record employer's March payroll taxes. d. Mar.31 Federal Income Tax Withholding Payable FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable To pay liabilities related to March payroll. ◆ → ◆ ( ◆ + + $ Debit $ Credit Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March: Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Salaries (included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes Required Prepare journal entries on March 31 to record: a. Accrual of the monthly payroll. $42,000 68,000 24,000 8,200 2,500 71,000 76,000 b. Payment of the net payroll. c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.) d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.) Date a. Mar.31 b. Mar.311 C. Mar.31 Description Sales Salaries Expense General Journal FICA Tax Payable Health Insurance Premiums Payable Payroll Payable To record March payroll. To pay net payroll for March. FICA Tax Payable State Unemployment Tax Payable To record employer's March payroll taxes. d. Mar.31 Federal Income Tax Withholding Payable FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable To pay liabilities related to March payroll. ◆ → ◆ ( ◆ + + $ Debit $ Credit

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ANSWER Solution Date Description Debit Credit a Mar 31 Officers salaries expense 4200... View the full answer