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Gurbaker Company pays its employees every oher Friday. December 31, 2020, was a Sunday. On Friday. January 5, 2021, Burbaker paid wages of $105,000, which
Gurbaker Company pays its employees every oher Friday. December 31, 2020, was a Sunday. On Friday. January 5, 2021, Burbaker paid wages of \$105,000, which covered the 14 day period from Decomber 20, 2020, through January 2, 2021, Wages were eamed evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled 514,560, while the FICA tax withheld was $16,100. (ignore the employec payroll taxes in this exercise.) Prepore the entry to acorve the compariy's wages and payrol taxes at December 31, 2020. Assume the $105,000 in wages was the gross amount of the payrol. Record debits first, then credts. Exclude explanations from any joumal entries.)
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