Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Payroll Entries The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $470,000 Social security tax withheld 28,200 Medicare
Payroll Entries
The payroll register for Gamble Company for the week ended April 29 indicated the following:
Salaries | $470,000 |
Social security tax withheld | 28,200 |
Medicare tax withheld | 7,050 |
Federal income tax withheld | 94,000 |
In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $9,000 of salaries.
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Journalize the entry to record the payroll for the week of April 29. b. Journalize the entry to record the payroll tax expense incurred for the week of April 29
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