Journalise the following entry 15. Company's total salary and other operating expenses each month were as follows:

Journalise the following entry

 

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15. Company's total salary and other operating expenses each month were as follows: Other Operating January February March (First 3 weeks) Total Salary & Payroll Tax Expenses $ 26,410 28,230 21,620 $ 76,260 Expenses $ 5,630 6,430 4,460 $ 16,520 Salaries were paid in the form of direct deposits to employees' bank accounts biweekly; the employees' portion of health insurance premium was withheld from salaries and paid to the insurance provider at the same time when salaries were paid; the estimated personal income taxes were withheld and paid to the government agencies before the end of each month. Employer's payroll taxes which included the unemployment tax and social security tax were remitted to the government agencies immediately as they were recorded. Other operating expenses which included utility, property taxes, freight-out, and other miscellaneous expenses were all paid in cash via online banking. 15. Company's total salary and other operating expenses each month were as follows: Other Operating January February March (First 3 weeks) Total Salary & Payroll Tax Expenses $ 26,410 28,230 21,620 $ 76,260 Expenses $ 5,630 6,430 4,460 $ 16,520 Salaries were paid in the form of direct deposits to employees' bank accounts biweekly; the employees' portion of health insurance premium was withheld from salaries and paid to the insurance provider at the same time when salaries were paid; the estimated personal income taxes were withheld and paid to the government agencies before the end of each month. Employer's payroll taxes which included the unemployment tax and social security tax were remitted to the government agencies immediately as they were recorded. Other operating expenses which included utility, property taxes, freight-out, and other miscellaneous expenses were all paid in cash via online banking.

Answer rating: 100% (QA)

Journal Entries 1 Cash Debit Salaries Expense 76260 Credit Cash 76260 2 Pay... View the full answer