Palouse Company completed the salary and wage payroll for the month of March. The payroll provided...

 

Transcribed Image Text:

Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees. Employee income taxes withheld Employee government insurance premiums withheld $ 211,000 42,200 3,000 16,500 *Assessed on both employer and employee (1.e., $16,500 each) FICA payroll taxes Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees. Employee income taxes withheld Employee government insurance premiums withheld $ 211,000 42,200 3,000 16,500 *Assessed on both employer and employee (1.e., $16,500 each) FICA payroll taxes Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, If no entry is required for a transaction/event, select "No journal entry required" In the first account field.