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Giblin's Goodies pays employees biweekly and the next pay day will be January 6th. As they approach the end of December, they need to accrue
Giblin's Goodies pays employees biweekly and the next pay day will be January 6th. As they approach the end of December, they need to accrue for the earned payroll. The accrued payroll data is as follows: Gross pay: $9,000.00 Federal income tax: $1, 035.00 Social Security tax: $558.00 Medicare tax: $130.50 State income tax: $180.00 Give the adjusting entry in the General Journal to recognize the work for December 26-31, for the employee share of the payroll. Then give the journal entry to reverse the adjustment on January 1, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)
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