Elizabeth's regular hourly wage rate is $20, and she receives an hourly rate of $30 for...
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Elizabeth's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Elizabeth works 46 hours. Elizabeth's federal income tax withholding is $99, and she has no voluntary deductions. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Elizabeth's pay for the period and (b) the payment of Elizabeth's wages. (Assume FICA rate of 7.65%. Round your answers to 2 decimal places, e.g. 15.25. Credit account titles are aufomatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Jan. (a) Salaries and Wages Expense 15 Federal Income Taxes Payable 99 FICA Taxes Payable Salaries and Wages Payable Jan. (b) Salaries and Wages Payable 15 Cash Elizabeth's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Elizabeth works 46 hours. Elizabeth's federal income tax withholding is $99, and she has no voluntary deductions. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Elizabeth's pay for the period and (b) the payment of Elizabeth's wages. (Assume FICA rate of 7.65%. Round your answers to 2 decimal places, e.g. 15.25. Credit account titles are aufomatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Jan. (a) Salaries and Wages Expense 15 Federal Income Taxes Payable 99 FICA Taxes Payable Salaries and Wages Payable Jan. (b) Salaries and Wages Payable 15 Cash
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a Date Account title and explanation Debit Credit Ja... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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