Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 15, the end of the first pay period of the year, North Company's employees earned $28,000 of sales salaries. Withholdings from the employees'
On January 15, the end of the first pay period of the year, North Company's employees earned $28,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $3,800 of federal income taxes, $678 of medical insurance deductions, and $190 of union dues. No employee earned more than $7,000 in this first period Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities No Date General Journal Debit Credit Salaries expense 1 Jan 15 28,000 FICA Social sec. taxes payable 1,736 406 FICA-Medicare taxes payable 678 Employee medical insurance payable Employee union dues payable 190 Salaries payable 21,190
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