Question
Instructions The payroll register of Heritage Co. indicates $13,920 of social security withheld and $3,480 of Medicare tax withheld on total salaries of $232,000
Instructions The payroll register of Heritage Co. indicates $13,920 of social security withheld and $3,480 of Medicare tax withheld on total salaries of $232,000 for the period. Federal withholding for the period totaled $43,200. Retirement savings withheld from employee paychecks were $2,260 for the period. Journalize the entry to record the period's payroll. CHART OF ACCOUNTS Heritage Co. General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 123 Building 526 Repairs Expense 124 Accumulated Depreciation-Building 529 Selling Expenses ADE ONE Cainment 531 Rent Evnanea Chart of Accounts 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 529 Selling Expenses 531 Rent Expense. 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense < Chart of Accounts 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends General Journal On December 31, journalize the entry to record the period's payroll. General Journal Instructions PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY
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