Question: Complete the journal entry M10-4 Reporting Payroll Tax Liabilities LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for

Complete the journal entry  Complete the journal entry M10-4 Reporting Payroll Tax Liabilities LO 10-2]

M10-4 Reporting Payroll Tax Liabilities LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees eaned wages totaling $65,000 but that employee income taxes totaling $10,000 and FICA taxes totaling $3,375 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics must also pay $400 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll, Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Record the wages expense for November 1-14 time period, including payroll deductions. 1 Record the payroll tax expense. payroll 2 Credit Note : = journal entry has been entered Record entry Clear entry View general journal esc 0 FI 4

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