Selected Transactions of Mitchell Plumbing Company are as follows: March 2, 2022 purchased Merchandise on Account from
Question:
Selected Transactions of Mitchell Plumbing Company are as follows:
March 2, 2022 purchased Merchandise on Account from Price Company for $15,500.
April 9 Issued a 90 day, 10% note for Price Company on account.
June 8 Paid Price Company the amount of the note of April 9.
December 26, 2022 Journalized the entry to record the Biweekly payroll and compute net Income.
Summary of accounts are:
Salary distribution:
Sales------------- 92,000
Administrative---75,000
Deductions:
SS tax--------- ???
Medicare Tax ???
Federal Income Tax withheld 11500
State Income Tax withheld 5200
Charitable deductions 1050
Medical Insurance deductions 998
Net Income for the period is $120,500
Dec 27 Issued a check for Employees' Federal Income Tax, Social security tax, and Medicare tax for Employees and Employers.
date | transaction | credit | debit |
---|---|---|---|
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac