PSa 5-6 Record Employer Payroll Tax Journal Entry Based on the following figures for the most recent pay period, record the necessary journal entry to account for employer payroll taxes as of 01/20/2020.Chart of Accounts (attached)Notes:Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. Omit journal entry explanations.See the Chart of Accounts provided for the proper account names to use.To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount.Do not include journal entry explanation when submitting your answer.Account NameAmountMedicare Tax Payable$31.90State Unemployment Tax Payable$74.80Social Security Tax Payable$136.40Federal Unemployment Tax Payable$13.20 Cafeteria Plan PayableCashCharitable Contribution PayableFederal Income Tax PayableFederal Unemployment Tax PayableFlexible Spending Account PayableHealth Insurance PayableLife Insurance PayableMedicare Tax PayablePayroll Tax ExpenseRetirement Plan PayableSalaries ExpenseSocial Security Tax PayableState Income Tax PayableState Unemployment Tax PayableUnion Dues PayableWages ExpenseAccounts ReceivableAccounts PayableAccumulated Depreciation|Depreciation Expense

The question is related to Journal Entry to account for employer payroll taxes as of 01/20/2020.

Answered: Based on the following figures for the…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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PSa 5-6 Record Employer Payroll Tax Journal Entry

Based on the following figures for the most recent pay period, record the necessary journal entry to account for employer payroll taxes as of 01/20/2020.

Chart of Accounts (attached)
Notes:

Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. Omit journal entry explanations.
See the Chart of Accounts provided for the proper account names to use.
To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount.
Do not include journal entry explanation when submitting your answer.

Account Name	Amount
Medicare Tax Payable	$31.90
State Unemployment Tax Payable	$74.80
Social Security Tax Payable	$136.40
Federal Unemployment Tax Payable	$13.20

Cafeteria Plan Payable
Cash
Charitable Contribution Payable
Federal Income Tax Payable
Federal Unemployment Tax Payable
Flexible Spending Account Payable
Health Insurance Payable
Life Insurance Payable
Medicare Tax Payable
Payroll Tax Expense
Retirement Plan Payable
Salaries Expense
Social Security Tax Payable
State Income Tax Payable
State Unemployment Tax Payable
Union Dues Payable
Wages Expense
Accounts Receivable
Accounts Payable
Accumulated Depreciation
|Depreciation Expense

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