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At September 30, 2022. the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $7,712

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At September 30, 2022. the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $7,712 that were applicable to payrolls for the year then ended. Exercise 7-9 (Algo) Part a - Horizontal Model Required: a-1. Use the horizontal model to show the effect of the accrual that should have been made as of September 30, 2022. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. ryrolls for the year then ended. lat should have been made as of September 30,2022 . Indicate the , financial statement effect. At September 30, 2022, the end of the first year of operations at Lukancic incorporated, the firm's accountant neglected to accrue payroll taxes of $7712 that were applicable to payrolls for the year then ended. Exercise 7-9 (Algo) Part a - Journal Entry a.2. Record the journal entry to show the effect of the accrual that should have been made as of September 30,2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the accrual of payroll taxes for the year. Woth: Eintir debits brefare credita. At September 30, 2022. the end of the first year of operations at Lukancic incorporated, the firm's accountant neglected to accrue payroll taxes of $7712 that were applicable to payrolls for the year then ended Exercise 7.9 (Algo) Part c c. Assume that when the payroll taxes were paid in October 2022, the payroll tax expense account was charged. Assume that at September 30,2023 , the accountant again neglected to accrue the payroll tax liability, which was $8,064 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30, 2023

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