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.

Transcribed Image Text:

Date Description Post Ref. Debit Credit 1 1 23456 7 23456 6