Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please solve this journal problem 5 Enmingt of 540,000 are fubject to state and federal themployment compensaton tives at the federat rate of o 60%
please solve this journal problem 5 Enmingt of 540,000 are fubject to state and federal themployment compensaton tives at the federat rate of o 60% and the stale rate of 5.40%. Required: On Deramber 34 , provide the fournal entry to recond the payrol tax expense for the period fofer to the chart of accounts for the exact wording of the account hites CNOW joumals do not use Anes for journal explanations. Every ine on a joumal puge is used for dobit or credit entreat. CNOW joumals wo automatically indent a credit entry when a credt amount is entered CHART OFACCOUNIS Clapton Co. General Ledger \begin{tabular}{ll} ASSEIS & REVENuE \\ 110 Cash & 410 Sales \\ 111 Accounts Receivable & 610 Interest Revenue \\ 112 Interest Receivable & ExpensEs \\ 113 Notes Receivable & 510 Cost of Merchandise Sold \\ 115 Merchandise inventory & 520 Salaries Expense \\ 116 Supplies & 524 Depreciation Expense-Building \\ 118 Prepaid Insurance & 525 Detivery Expense \\ 120 Land & 526 Repairs Expense \\ 123 Buiding & 529 Selling Expenses \\ 124 Accumulated Depreciation-Bulding & 531 Rent Expense \\ 125 Office Equipment & 532 Depreciation Expense-Ofice Equipment \\ 126 Accumulated Depreciation-OHice Equipment \end{tabular} ChartolAcoounts 215 Salinter Payable 216 Social Securty Fax Payable 217 Medicare Tax Paynble 218 Employeen Federal Income Tax Payable 219 Emplayees State income fax Payable 221 Retirement Savinas Deductions Payable 224 Federal Unomployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payabie 227 Unfunded Pension Liabilty 228 Product Warranty Payable EQUITY 340 Owner Capital 311 Owner, Drawing 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 interest Expense Chant etacceurti Jonitial ract
please solve this journal problem
5
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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