The payroll of Kee Ltd. for September 2022 is as follows (amounts in thousands): total payroll was
Question:
The payroll of Kee Ltd. for September 2022 is as follows (amounts in thousands): total payroll was ¥340,000; income taxes in the amount of ¥80,000 were withheld, as was ¥9,000 in union dues; and the current Social Security tax is 8% of an employee’s wages. The employer must also remit 8% for employees’ wages.
Instructions
Prepare the necessary journal entries if the salaries and wages paid and the employer payroll taxes are recorded separately.
Step by Step Answer:
Ans 1 Salaries and Wages Expense 340000 Income Taxes withheld 80000 Union Dues 9000 Social secur...View the full answer
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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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