a. Journalize the entry to record the payroll for the week of July 15.* b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
a. Journalize the entry to record the payroll for the week of July 15.* b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Payroll entries
Instructions
Chart of Accounts
Journal
Instructions
Urban Window Company had gross wages of $310,000 during the week ended July 15. The amount of wages subject to social security tax was $310,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. Tax rates are as follows:
Social security | 6.0% |
Medicare | 1.5% |
State unemployment | 5.4% |
Federal unemployment | 0.6% |
The total amount withheld from employee wages for federal taxes was $47,000.
Required:
a. | |||
b. | Journalize the entry to record the payroll tax expense incurred for the week of July 15.*
|
Chart of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Window Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal
a. | Journalize the entry to record the payroll for the week of July 15.* | ||
b. | Journalize the entry to record the payroll tax expense incurred for the week of July 15.*
|
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Step 1
ournal:
Recording of a business transactions in a chronological order.
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