Oxford Company has five employees. All are paid on a monthly basis. The fiscal year of the

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Oxford Company has five employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Oxford Company include the following:


Balance on June 1 Account Number 101 Title Cash $69,500.00 Employee Income Tax Payable Social Sccurity Tax Payable 211 2


The following transactions relating to payrolls and payroll taxes occurred during June and July:

Oxford Company has five employees. All are paid on a



REQUIRED
1. Journalize the preceding transactions using a general journal.
2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in thejournal.

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Related Book For  answer-question

College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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