Allison Hardwares payroll for November 2020 is 200,000. The Social Security rate is 8% on an employees
Question:
Allison Hardware’s payroll for November 2020 is €200,000. The Social Security rate is 8% on an employee’s wages. Income tax withheld amounts to €16,000 for factory, €7,000 for sales, and €6,000 for administrative.
Instructions
Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer’s payroll taxes.
Step by Step Answer:
Salaries and Wages Expense 200000 Income Taxes Pay...View the full answer
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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