Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 114 pay period show that employees earned wages totaling
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 114 pay period show that employees earned wages totaling $56,000 but that employee income taxes totaling $8,200 and FICA taxes totaling $2,925 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics also must pay $310 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the wages expense for November 1-14 time period, including payroll deductions. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started