Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help on problem 6 and 7 4 During the month of September, Lake Corporation's employees earned wages of $60,000. Withholdings related 5 to

i need help on problem 6 and 7 image text in transcribed
4 During the month of September, Lake Corporation's employees earned wages of $60,000. Withholdings related 5 to these wages were $3,500 for Social Security (FICA), $6,500 for federal income tax, and $2,000 for state income tax 6 Costs for unemployment taxes were $90 for federal and $150 for state. Wages will be paid in Oct. 7 8 Prepare the September 30 journal entries for 1) payroll entry and payroll tax expense 9 assuming all September wages will be paid in October and 2) the company's payroll tax expense 30 Problem 7. 5 points 31 32 At July 1, 2012, the Detroit Lions sold 30,000 season tickets @ $700 each for its 2020 8 game home schedule. 33 Games will be played from Sep-Dec of 2020. 35 Record the sale of the season tickets. 36 37 38 42 As of Sep 30, 2020, the Lions had played two home games. Record the adjusting entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

How We Listen?

Answered: 1 week ago