Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Check my work mode : This shows what is correct or incorrect for the work you have con 2 E9-2 (Static) Recording Payroll Costs LO
Check my work mode : This shows what is correct or incorrect for the work you have con 2 E9-2 (Static) Recording Payroll Costs LO 9-1 10 points Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes* $ 200,000 40,000 1,000 15,000 *Assessed on both employer and employee (i.e., $15,000 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid but that Paul has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. (For all requirements, If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Date Credit Debit 200,000 1 March 31 40,000 General Journal Compensation expense Liability for income taxes withheld - employees Liability for insurance premiums withheld - employees FICA taxes payable - employees Cash OOOOO 1,000 15,000 144,000 2 March 31 15,000 FICA taxes payable - employer 15,000 3 March 31 Liability for income taxes withheld - employees 40,000 1,000 Liability for insurance premiums withheld - employees FICA taxes payable - employees FICA taxes payable - employer Cash lolololo 15,000 15,000 71,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started