Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please explain in detail 9 Ughtning Electronics is a midstre manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay perlod show

please explain in detail
image text in transcribed
image text in transcribed
9 Ughtning Electronics is a midstre manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay perlod show that employees eamed wages totaling $52,000 but that employee income taxes totaling $7400 and FICA taxes totaling $2.725 were withheld from this amount. The net pay was directly deposited into the employees bank accounts. Assume Lightning Electronics also must pay $270 of unemployment taxes for this pay perlod 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) 8 OM View transactions Journal entry worksheet > Record the wagen expense for Novemba 14 time period, including payroll deduction terbefore credits Thanato 1 General Journal Debit Credit View transaction list ebook Punt References Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cash, Corruption And Economic Development

Authors: Vikram Vashisht

1st Edition

1032096888, 9781032096889

More Books

Students also viewed these Accounting questions

Question

Exude confidence, not arrogance.

Answered: 1 week ago