Payroll entries Instructions Chart of Accounts Journal Instructions The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,560,000 Social security tax withheld 93,600 Medicare tax withheld 23,400 312,000 Federal income tax withheld In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $254,000 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. Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Salaries Expense 524 Depreciation Expense-Building 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 125 Office Equipment 126 Accumulated Depreciation Office Equipment 533 Insurance Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPA Fines Payable 230 Litigation Claims Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary Journal 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 Apr. 29