Question
During the month of February, Monty Corp.s employees earned wages of $78,000. Withholdings related to these wages were $5,967 for FICA, $12,780 for federal income
During the month of February, Monty Corp.s employees earned wages of $78,000. Withholdings related to these wages were $5,967 for FICA, $12,780 for federal income tax, and $3,420 for state income tax. Costs incurred for unemployment taxes were $198 for federal and $288 for state. Prepare the February 28 journal entries for
(a) | Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. | |
(b) | The companys payroll tax expense. |
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. | Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|---|
(a) | Feb. 28 | enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount |
enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record salaries and wages expense and salaries and wages payable on February 28 | enter a debit amount | enter a credit amount | ||
(b) | Feb. 28 | enter an account title to record the company's payroll tax expense on February 28 | enter a debit amount | enter a credit amount |
enter an account title to record the company's payroll tax expense on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record the company's payroll tax expense on February 28 | enter a debit amount | enter a credit amount | ||
enter an account title to record the company's payroll tax expense on February 28 | enter a debit amount | enter a credit amount |
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