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Exercise 10.6 (Algo) Recording payroll transactions in the general journal. LO 10-7 Private Publishing has two office employees. A summary of their earnings and the
Exercise 10.6 (Algo) Recording payroll transactions in the general journal. LO 10-7
Private Publishing has two office employees. A summary of their earnings and the related taxes withheld from their pay for the week ending June 7, 20X1, follows.
| Ann Chen | David Kendrick | |||||||||
| Gross earnings | $ | 1,390.00 | $ | 1,260.00 | ||||||
| Social security deduction | (86.18 | ) | (78.12 | ) | ||||||
| Medicare deduction | (20.16 | ) | (18.27 | ) | ||||||
| Income tax withholding | (372.12 | ) | (226.92 | ) | ||||||
| Net pay for week | $ | 911.54 | $ | 936.69 | ||||||
1&2. Prepare the general journal entries to record the companys payroll and to summarize the checks to pay the weekly payroll. (Round your answers to 2 decimal places.)
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