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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).
- 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.
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 |
Date | Account Name | Debit | Credit |
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