Question
I need help with the following adjusting journal entries: Wages earned by employees during December and to be paid in January are $33,875; associated payroll
I need help with the following adjusting journal entries:
- Wages earned by employees during December and to be paid in January are $33,875; associated payroll taxes on these wages are $2,710.
Normally, I would make the journal entry as follows:
Wages Expense33,875
Payroll Taxes Expense2,710
Wages Payable33,875
Payroll Taxes Payable2,710
However, the attached financial statements do not show wage expenses. only wages and no payroll tax expsnese only payroll taxes. Can I use wages and payroll taxes instead?
2.You discover that a product sale was made and recorded in December for $128,600; the product had not yet been shipped. The cost of the product was $68,742.
What is the adjusting journal entry to this?
Many thanks for your help!
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