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Golden Company pays its employees every other Friday. December 31, 2017, was a Sunday. On Friday, January 5, 2018, Golden paid wages of $105,000, which
Golden Company pays its employees every other Friday. December 31, 2017, was a Sunday. On Friday, January 5, 2018, Golden paid wages of $105,000, which covered the 14-day period from December 20, 2017, through January 2, 2018. Wages were earned evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled S14,035, while the FICA tax withheld was $14,350. (Ignore the employer payroll taxes in this exercise.) Prepare the entry to accrue the company's wages and payroll taxes at December 31, 2017. (Assume the $105,000 in wages was the gross amount of the payroll. Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit 2017 Dec 31
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