During the month of February, Grouper Corp. s employees earned wages of $ 72,000 . Withholdings related
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Question:
During the month of February, Grouper Corp.’s employees earned wages of $72,000. Withholdings related to these wages were $5,508 for FICA, $10,650 for federal income tax, and $2,850 for state income tax. Costs incurred for unemployment taxes were $165 for federal and $240 for state.
Prepare the February 28 journal entries for
(a) | Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. | |
(b) | The company’s payroll tax expense. |
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. | Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|---|
(a) | Feb. 28 | enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount |
enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount | ||
(b) | Feb. 28 | enter an account title to record the company's payroll tax expense on February 28 | enter a debit amount | enter a credit amount |
enter an account title to record the company's payroll tax expense on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record the company's payroll tax expense on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record the company's payroll tax expense on February 28 | enter a debit amount | enter a credit amount |
Related Book For
Financial Accounting
ISBN: 978-1118334324
9th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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