Question 3 During the month of March, Ivanhoe Company's employees earned wages of $63,000. Withholdings related to these wages were $4,820 for Social Security (FICA), $7,383 for federal income $394 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $689 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during Ap a Assets, Liabilities or Stockholders' Equity, place a negative sign (or rentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was Stockholders' E! Liabilities Assets Retain Common + Revenue - Expense Cash - State Unemp. Taxes Pay. Salaries & Wages Pay. Fed. Inc. Taxes Pay. FICA Taxes Pay. St. Inc. Taxes Pay. + Union Dues Pay. Stock Feb. 28 SHOW LIST OF ACCOUNTS Prepare the entry to record the company's payroll tax expense. (If a transaction causes a decrease in Assets, Llanes or Stockholders' Equity, place a negative on (or parent entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Retain St. Ing. Cash = Fed. Inc. Taxes Pay. FICA Taxes Pay. Union Dues Pay. State Unemp. Taxes Pay. Salaries & Wages Pay. Common Stock + Revenue - Expense - Feb. 28 $47,351 $7,383 $4,820 $-63.000 $3.052 Feb. 28 Click if you would like to show Work for this question: Soon Show Work Liabilities Stockholders' Equity Retained Earnings Fed. Inc. Taxes Pay. FICA Taxes Pay. St. In Taxes Pay. non ues. Pay. State Unemp. Taxes Pay. + Common Stock + Revenue Expense Dividend Salaries & wages expense payroll tax expense. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount ty or Equity item that was reduced.) Liabilities Stockholders' Equity Retained Earnings Fed. Inc. Taxes Pay. FICA Taxes. Pay. St. Inc. Taxes Pay. * Union Dues Pay. State Unemp. Taxes Pay. + Revenue Expense Dividend $4.820 $3,052 $-63.000 Salaries & wages expense Payroll tax expense Question 3 During the month of March, Ivanhoe Company's employees earned wages of $63,000. Withholdings related to these wages were $4,820 for Social Security (FICA), $7,383 for federal income $394 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $689 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during Ap a Assets, Liabilities or Stockholders' Equity, place a negative sign (or rentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was Stockholders' E! Liabilities Assets Retain Common + Revenue - Expense Cash - State Unemp. Taxes Pay. Salaries & Wages Pay. Fed. Inc. Taxes Pay. FICA Taxes Pay. St. Inc. Taxes Pay. + Union Dues Pay. Stock Feb. 28 SHOW LIST OF ACCOUNTS Prepare the entry to record the company's payroll tax expense. (If a transaction causes a decrease in Assets, Llanes or Stockholders' Equity, place a negative on (or parent entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Retain St. Ing. Cash = Fed. Inc. Taxes Pay. FICA Taxes Pay. Union Dues Pay. State Unemp. Taxes Pay. Salaries & Wages Pay. Common Stock + Revenue - Expense - Feb. 28 $47,351 $7,383 $4,820 $-63.000 $3.052 Feb. 28 Click if you would like to show Work for this question: Soon Show Work Liabilities Stockholders' Equity Retained Earnings Fed. Inc. Taxes Pay. FICA Taxes Pay. St. In Taxes Pay. non ues. Pay. State Unemp. Taxes Pay. + Common Stock + Revenue Expense Dividend Salaries & wages expense payroll tax expense. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount ty or Equity item that was reduced.) Liabilities Stockholders' Equity Retained Earnings Fed. Inc. Taxes Pay. FICA Taxes. Pay. St. Inc. Taxes Pay. * Union Dues Pay. State Unemp. Taxes Pay. + Revenue Expense Dividend $4.820 $3,052 $-63.000 Salaries & wages expense Payroll tax expense
