Question
Help with these journal entries please. (Enter the payroll in the general journal and credit Salaries and Wages Payable for the net amount of the
Help with these journal entries please. (Enter the payroll in the general journal and credit Salaries and Wages Payable for the net amount of the payroll.)
May 13 Issued Check No. 529 to Lexis Fine Furniture in payment on account, April 14 purchase, $17,100 less 2% discount.
May 13 Received a check for $4,400 from Wallton Apartments Inc., as payment on their account, Sales Invoice No. 620.
May 13 Sold merchandise to Salem Hotel for $12,000 on account, Sales Invoice No. 623. Terms 2/10, n/30.
May 14 Received a check for $5,000 from Brent Davis, the owner, as an additional investment in the business.
May 14 Issued Check No. 530 to Old Hickory Furniture, Inc. in payment on account, April 30 purchase, $8,350 less 2% discount.
May 15 The semimonthly payroll ending May 15 is as follows:
Gross salaries $40,200
FICA taxes withholdings (3,256)
Federal income taxes (7,421)
Net Salaries/Wages Payable $29,523
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