Question
Halloway Corp pays its employees every Tuesday for the previous 5-day work week (Monday-Friday). Total Salary costs for the week ending Friday, May 31 are
Halloway Corp pays its employees every Tuesday for the previous 5-day work week (Monday-Friday). Total Salary costs for the week ending Friday, May 31 are $50,000. Payroll taxes for the pay period totaled $23,500, 80% of which are the responsibility of the employees. Prior to recording this week's payroll tax liability, the balance of Payroll Tax Payable was $61,100. Halloway pays the government on the 20th of each month for the previous month's payroll tax liability.
*Record all necessary journal entries for May 31.
*Record all necessary journal entries for pay day on Tuesday June 4
*Record all necessary journal entries for the payment made to the government on June 20 related to May's payroll taxes.
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