3. Theodore Simpson works for Blair Company all year and earns a monthly salary of $4,000. There is no overtime pay. Based on Theodore's W-4, Blair withholds income taxes at 15% of his gross pay. As of July 31, Theodore had $28,000 of cumulative earnings (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Blair Company related to the employment of Theodore Simpson for the month of August. (Record debits first, then credits Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

3. Theodore Simpson works for Blair Company all year and earns a monthly salary of $4,000. There is no overtime pay. Based on Theodore's W-4, Blair withholds income taxes at 15% of his gross pay. As of July 31, Theodore had $28,000 of cumulative earnings (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Blair Company related to the employment of Theodore Simpson for the month of August. (Record debits first, then credits Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

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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