As of Dec. 31, 2016, accrued salaries are $4,000 and accrued labor wages are $9,000. Don't forget added employer paid tax for FICA and Medicare and as 10% income tax withholding. Rather than creating new accrual accounts, you may use the usual payroll and tax payable accounts. This will not create a problem since this entry will be reversed on January 1, 2017. Remember to round up payroll taxes to the nearest dollar. what is the adjusting entry

As of Dec. 31, 2016, accrued salaries are $4,000 and accrued labor wages are $9,000. Don't forget added employer paid tax for FICA and Medicare and as 10% income tax withholding. Rather than creating new accrual accounts, you may use the usual payroll and tax payable accounts. This will not create a problem since this entry will be reversed on January 1, 2017. Remember to round up payroll taxes to the nearest dollar. what is the adjusting entry

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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