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During the month of February, Sheridan Corporation's employees earned wages of $73.300. Withholdings related to these wages were $5,607 for FICA $7,030 for federal
During the month of February, Sheridan Corporation's employees earned wages of $73.300. Withholdings related to these wages were $5,607 for FICA $7,030 for federal income tax, and $2,000 for state income tax. Costs incurred for unemployment taxes were $100 for federal and $150 for state. (a) Prepare the February 28 journal entry for salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Feb. 28 Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Salaries and Wages Payable (To record February 28 payroll) Debit Credit
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