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During May of 2014, the employees of Pollich Inc earned $740,000 of salary for work performed that month. Pollich Inc withheld $127,000 for income
During May of 2014, the employees of Pollich Inc earned $740,000 of salary for work performed that month. Pollich Inc withheld $127,000 for income taxes, and $51,000 is withheld to cover FICA taxes. The compensation after withholdings will be paid to employees in a future month. In addition, the company had FUTA taxes of $14,000 for the period. What journal entry (if any) should the company record related to salaries, withholdings, and compensation expense for May? If you have multiple debits/credits affecting the same account, please combine them into a single debit/credit line for your final answer. Account Debit Credit
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