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Decimal Corporation is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of the federal

Decimal Corporation is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of the federal taxes. All tax payments are made in a timely manner on the payment due date (which, for this month, is not impacted by a weekend or holiday).

  • Chart of Accounts

Notes:

  • Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits.
  • See the Chart of Accounts provided for the proper account names to use.
  • To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount.
  • Do not include journal entry explanation when submitting your answer.

image text in transcribed
December Tax Totals Federal Income Tax $3250 Employee's Social Security Tax | $2420 Employee's Medicare Tax $902 Employer's Social Security Tax $2420 Employer's Medicare Tax $902 Open Directions in Popup Window Date Account Name Debit Credit 01/15 Federal Income Tax Payable V $3,250.00 $ MM/DD Social Security Tax Payable $ X MM/DD Medicare Tax Payable X X MM/DD Cash $ X $ X MM/DD $

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