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The payroll register of Ruggerio Co. indicates $13,440 of social security withheld and $3,360 of Medicare tax withheld on total salaries of $224,000 for the
The payroll register of Ruggerio Co. indicates $13,440 of social security withheld and $3,360 of Medicare tax withheld on total salaries of $224,000 for the period. Federal withholding for the period totaled $43,140. On December 31, provide the journal entry for the periods payroll. Refer to the Chart of Accounts for exact wording of account titles
CHART OF ACCOUNTS Ruggerio Co. General Ledger ASSETS REVENUE 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation- 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 524 Depreciation Expense- Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses BuildingStep by Step Solution
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