Question
Jumping Jumpers Smocking, Inc., is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of
Jumping Jumpers Smocking, Inc., is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of the federal taxes. All tax payments are made in a timely manner on the payment due date (which, for this month, is not impacted by a weekend or holiday).
Chart of Accounts
Notes:
Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. Omit journal entry explanations.
Use the Chart of Accounts provided to obtain the proper account names when recording the journal entries.
To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit will be given for a correct account name with an incorrect amount, while full credit will be given for a correct account name with a correct amount.
Do not include journal entry explanation when submitting your answer.
December Tax Totals | |
Federal Income Tax | $750 |
Employer's Social Security Tax | $590 |
Employee's Social Security Tax | $590 |
Employer's Medicare Tax | $190 |
Employee's Medicare Tax | $190 |
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