The following monthly data are taken from Nunez Company at July 31: Sales salaries, $120,000; Office salaries,
Question:
Prepare journal entries to record:
(1) Accrued payroll, including employee deductions, for July;
(2) Cash payment of the net payroll (salaries payable) for July;
(3) Accrued employee payroll taxes, and other related employment expenses, for July—assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.8%; and
(4) Cash payment of all liabilities related to the July payroll.
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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