Garden Landscapers is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary deductions are
Question:
Garden Landscapers is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary deductions are displayed below. Record one journal entry to account for the payment of federal unemployment taxes and one journal entry to account for the payment of the voluntary deductions. Assume that each voluntary deduction is remitted to the respective organization on a quarterly basis, on the last day of the first month after the end of the quarter. All tax payments are made in a timely manner on the payment due date (which, for this quarter, is not impacted by a weekend or holiday).
Record Quarterly FUTA and Voluntary Deduction Journal Entries
4th Quarter Totals | |
Federal Unemployment Tax | $35 |
Retirement Plan | $175 |
Health Insurance | $295 |
Charitable Contribution | $100 |
Cafeteria Plan | $525 |
Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1439080603
12th Edition
Authors: Charles H Gibson