Information regarding Tory$$s payroll for its mid$-$month payroll is as follows:

$$ Hourly payroll $$1,500,000$

$$ Salaried payroll $$2,000,000$

$$ Federal withholdings $$300,000$

$$ FICA withholdings $$200,000$

$$ Union dues $$20,000$

$$ Withholdings for $401($k$)$ contributions $$300,000$

$$ Tory$$s match for employee $401$k contributions was $$120,000$

$$ FUTA $$10,000$

$$ SUTA $$12,000$

Prepare the journal entries to record the mid$-$month payroll and the employer$$s payroll taxes.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If

no entry isrequired,select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit

entries before credit entries.$)$

Account Titles and Explanation DebitInformation regarding Tory$$s payroll for its mid$-$month payroll is as follows:

$$ Hourly payroll $$1,500,000$

$$ Salaried payroll $$2,000,000$

$$ Federal withholdings $$300,000$

$$ FICA withholdings $$200,000$

$$ Union dues $$20,000$

$$ Withholdings for $401($k$)$ contributions $$300,000$

$$ Tory$$s match for employee $401$k contributions was $$120,000$

$$ FUTA $$10,000$

$$ SUTA $$12,000$

Prepare the journal entries to record the mid$-$month payroll and the employer$$s payroll taxes.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If

no entry isrequired,select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit

entries before credit entries.$)$

Account Titles and Explanation DebitInformation regarding Tory$$s payroll for its mid$-$month payroll is as follows:

$$ Hourly payroll $$1,500,000$

$$ Salaried payroll $$2,000,000$

$$ Federal withholdings $$300,000$

$$ FICA withholdings $$200,000$

$$ Union dues $$20,000$

$$ Withholdings for $401($k$)$ contributions $$300,000$

$$ Tory$$s match for employee $401$k contributions was $$120,000$

$$ FUTA $$10,000$

$$ SUTA $$12,000$

Prepare the journal entries to record the mid$-$month payroll and the employer$$s payroll taxes.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If

no entry isrequired,select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit

entries before credit entries.$)$

Account Titles and Explanation Debit credit

Answer rating: 100% (QA)

To record the midmonth payroll and the employers payroll taxes the following journal entries should ... View the full answer