Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 5 of 12 < > 1.56/2 Lisa Corbin's regular hourly wage rate is $18, and she receives an hourly rate of $27 for

image text in transcribed

Question 5 of 12 < > 1.56/2 Lisa Corbin's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours. During a January pay period, Lisa works 45 hours. Lisa's federal income tax withholding is $96, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Lisa's pay for the period and (b) the payment of Lisa's wages. (Round Intermediate calculation and final answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation (a) Jan. 15 Salaries and Wages Expense (b) Jan. 15 80'F Mostly sunny Salaries and Wages Payable Federal Income Taxes Payable FICA Taxes Payable Salaries and Wages Payable Cash Debit 1046.40 885 Credit 885 96 96 65.40 885

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

1292016922, 978-1292016924

Students also viewed these Accounting questions

Question

How to find if any no. is divisble by 4 or not ?

Answered: 1 week ago