The following payroll liability accounts are included in the ledger of Pettiegrew Company on January 1, 2008.
Question:
The following payroll liability accounts are included in the ledger of Pettiegrew Company on January 1, 2008.
In January, the following transactions occurred.
At January 31, the company also makes the following accruals pertaining to employee compensation.
1. Employer payroll taxes: FICA taxes 8%, state unemployment taxes 5.4%, and federal unemployment taxes 0.8%.
2. Vacation pay: 5% of gross earnings.
Instructions
(a) Journalize the January transactions.
(b) Journalize the adjustments pertaining to employee compensation at January 31.
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Related Book For 
Accounting Principles
ISBN: 9780471980193
8th Edition
Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel
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