7-2. Giblins Goodies pays employees weekly on Fridays. However, the company notices that May 31 is a

Question:

7-2. Giblin’s Goodies pays employees weekly on Fridays. However, the company notices that May 31 is a Wednesday, and the pay period will end on June 2. The payroll data for May 30–31 is as follows:

Gross pay: $4,500.00 Federal income tax: $520.00 Social Security tax: $279.00 Medicare tax: $65.25 State income tax: $90.00 Federal unemployment tax: $27.00 State unemployment tax: $243.00 Give the adjusting entry in the General Journal to recognize the employee and employer share of the payroll for May 30–31. The date of the entry is May 31. Then record the journal entry to reverse the adjustment on June 1, 2023.

image text in transcribed

image text in transcribed

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Payroll Accounting 2024

ISBN: 9781266832352

10th International Edition

Authors: Jeanette Landin, Paulette Schirmer

Question Posted: