Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During the month of March, Oriole Company's employees earned wages of $58,000. Withholdings related to these wages were $4,437 for FICA, $6,960 for federal income
During the month of March, Oriole Company's employees earned wages of $58,000. Withholdings related to these wages were $4,437 for FICA, $6,960 for federal income tax, $2,900 for state income tax, and $348 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $580 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 Prepare the entry to record the company's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 List of Accounts Save for Later Attempts: 0 of 3 used Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started