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Lightning Electronics is a midsize manufacturer of lithium batteries. The companys payroll records for the November 114 pay period show that employees earned wages totaling
Lightning Electronics is a midsize manufacturer of lithium batteries. The companys payroll records for the November 114 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7,000 and FICA taxes totaling $2,625 were withheld from this amount. The net pay was directly deposited into the employees bank accounts. Assume Lightning Electronics must also pay $250 of unemployment taxes for this pay period. Prepare the journal entry or entries
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