Question
Paul Company completed the salary and wage payroll for the month of March. The payroll provided thefollowing details: Salaries and wages earned by employees $200,000,
Paul Company completed the salary and wage payroll for the month of March. The payroll provided thefollowing details:
Salaries and wages earned by employees $200,000, employee income taxes withheld $40,000, property taxes and insurance premiums withheld on behalf of the state agencies $1,000, Social securities $15,000 each for employer and employees
Required 1. Provide the journal entry to record the payroll for March, including employee deductions. Assumeemployees have been paid, but that Paul has yet to transfer any withholdings to the government. 2. Provide the journal entry to record the employers payroll taxes, which have not yet been paid to thegovernment. 3. Provide a combined journal entry to show the payment of all amounts owed to governmentalagencies.
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