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Giblin's Goodies pays employees weekly on Fridays. However, the company notices that August 31 is a Thursday, and the pay period will end on September
Giblin's Goodies pays employees weekly on Fridays. However, the company notices that August 31 is a Thursday, and the pay period will end on September 1. The payroll data for August 31-September 1 is as follows: Gross pay: $6,000.00 Federal income tax $690.00 Social Security tax: $372.00 Medicare tax $87.00 State income tax $120.00 Required: Give the adjusting entry in the General Journal to recognize the employee and employer share of the payroll for the week of August 31 Date the entry August 31. Then give the journal entry to reverse the adjustment on September 1, 2018. (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.) View transaction list Journal entry worksheet Record the adjusting Journal Entry for payroll accrual. Note Enter debts before credits General Journal Date Aug 31 Debit Credit 1 Record the adjusting Journal Entry for payroll accrual. 2 Record the reversal of adjusting Journal Entry for payroll accrual
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