Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 Not yet answered Marked out of 3.00 P Flag question Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March:

image text in transcribed
image text in transcribed
Question 3 Not yet answered Marked out of 3.00 P Flag question Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March: Officers' salaries $41,000 Sales salaries 67,000 Federal income taxes withheld 23,000 FICA taxes withheld 9.900 Health insurance premiums withheld 4,200 Salaries included above) subject to federal unemployment taxes 69,000 Salaries included above) subject to state unemployment taxes 74,000 Support Required Prepare journal entries on March 31 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. C. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 06 percent, and the state unemployment tax is 5.4 percent.) d. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time.) General Journal Description Debit Credit Date Mar.31 Sales Salaries Expense FICA Tax Payable Health Insurance Premiums Payable Payroll Payable To record March payroll. Mar.31 To pay net payroll for March. Mar 31 FICA Tax Payable State Unemployment Tax Payable To record employer's March payroll taxes. Mar 31 Federal Income Tax Withholding Payable FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable To pay liabilities related to March payroll

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

Internal Auditing Assurance And Advisory Services

Authors: Kurt R. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle

5th Edition

1634541367, 978-1634541367

More Books

Students also viewed these Accounting questions

Question

How should supply chains compete?

Answered: 1 week ago

Question

Define Administration?

Answered: 1 week ago

Question

Why are so many people afraid of communication?

Answered: 1 week ago