During the month of March, Olinger Company's employees earned wages of $72,100. Withholdings related to these wages
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During the month of March, Olinger Company's employees earned wages of $72,100. Withholdings related to these wages were $5,516 for Social Security (FICA), $8,449 for federal income tax, $3,492 for state income tax, and $451 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $789 for state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April.
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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