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PSa 6-2 Record a Monthly Federal Tax Payment Journal Entry

Walking Boots Company is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of federal taxes. All tax payments are made in a timely manner on the payment due date (which, for this month, is not impacted by a weekend or holiday).

Chart of Accounts

Notes:

Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits.

Use the Chart of Accounts provided to obtain the proper account names when recording the journal entries.

To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit will be given for a correct account name with an incorrect amount, while full credit will be given for a correct account name with a correct amount.

December Tax Totals
Federal Income Tax	$604
Employee's Social Security Tax	$575
Employee's Medicare Tax	$178
Employer's Social Security Tax	$575
Employer's Medicare Tax	$178

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Date	Account Name	Debit	Credit

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