Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld

The payroll register for Gamble Company for the week ended April 29 indicated the following:

Salaries $1,440,000
Social security tax withheld 86,400
Medicare tax withheld 21,600
Federal income tax withheld 288,000

In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries.

Required:
A. Journalize the entry to record the payroll for the week of April 29.*
B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.*

*Refer to the Chart of Accounts for exact wording of account titles.

A. Journalize the entry to record the payroll for the week of April 29.*
B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.*
*Refer to the Chart of Accounts for exact wording of account titles.

PAGE 11

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

Text entry invalid

2

3

4

5

6

7

8

9

10

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

Forensic And Investigative Accounting

Authors: Professor D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith

8th Edition

0808046241, 9780808046240

More Books

Students also viewed these Accounting questions