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 $1,500,000 Social security tax withheld 90,000 Medicare tax withheld

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

Salaries $1,500,000
Social security tax withheld 90,000
Medicare tax withheld 22,500
Federal income tax withheld 300,000

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

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_2

Step: 3

blur-text-image_3

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

Auditing That Matters Case Studies Discussion Guide

Authors: Norman Marks

1st Edition

B089J5JCL2, 979-8650410546

More Books

Students also viewed these Accounting questions

Question

5. How would you describe your typical day at work?

Answered: 1 week ago

Question

7. What qualities do you see as necessary for your line of work?

Answered: 1 week ago