please answer all the parts of the question within 30 minutes. make sure all the parts of the question are answered else i will give negative ratings. 1. Assuming that net pay was directly deposited into the employee's bank accounts,prepare the journal entry to record the March Salaries Expense and payment toemployees.DateGeneral JournalDebitCredit2. Prepare the journal entry to record the employer's FICA taxes andunemployment taxes. (Assume that amounts withheld have not beenremitted).DateGeneral JournalDebitCredit3. What is the payroll or labor cost for Grainger Company?3. What is the payroll or labor cost for Grainger Company?TOTAL PAYROLL RELATED LABOR COST Grainger Company completed the salaries and wages payroll for March. The payroll provided the followingdetails:Employee Gross Pay$600,000Income Taxes Withheld$158,000FICA Withheld from employees$45,900Employee Charitable Contributions Withheld$2,000Employer Unemployment Taxes$11,6401. Assuming that net pay was directly deposited into the employee's bank accounts, preparethe journal entry to record the March Salaries Expense and payment to employees.2. Prepare the journal entry to record the employer's FICA taxes and unemployment taxes.(Assume that amounts withheld have not been remitted).3. What is the payroll or labor cost for Grainger Company?

Journal entry is made at the time when a business transaction or any other accruals has been…

1. Assuming that net pay was directly deposited into the employee's bank accounts, prepare the journal entry to record the March Salaries Expense and payment to employees. 2. Prepare the journal entry to record the employer's FICA taxes and unemployment taxes. (Assume that amounts withheld have not been remitted). 3. What is the payroll or labor cost for Grainger Company?

1. Assuming that net pay was directly deposited into the employee's bank accounts, prepare the journal entry to record the March Salaries Expense and payment to employees. 2. Prepare the journal entry to record the employer's FICA taxes and unemployment taxes. (Assume that amounts withheld have not been remitted). 3. What is the payroll or labor cost for Grainger Company?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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