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Date Account Debit Credit 30 Assuming that the payroll for the last week af the year is to be paid on January 4 of the following fiscal year, journalize the entry on January 4, to record the employer's payrol taxes an the payrol to be paid on JanLary 4. Because it is a new fiscal year, all $352,000 in salaries is subject to unemplayment compensation taxes. Date Account Debit Credit 4

Date Account Debit Credit 30 Assuming that the payroll for the last week af the year is to be paid on January 4 of the following fiscal year, journalize the entry on January 4, to record the employer's payrol taxes an the payrol to be paid on JanLary 4. Because it is a new fiscal year, all $352,000 in salaries is subject to unemplayment compensation taxes. Date Account Debit Credit 4

FINANCIAL ACCOUNTING
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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2a. Assuming that the payroll for the last woek of the year is to be paid on January 4 af the follawing fiscal year, jaurnalize the entry an December 30, to record the payrol. Date Account Debit Credi Dec. 30 2b. Assuming that the payroll for the last week af the year is to be paid on Januery 4 of the following fiscal year, journalize the entry on January 4, to record the employer's payrol taxes an the payroll to be paid on January 4. Because it is a new fiscal year, all $352,000 in salaries is subject to unemplayment campersation taxes. Date Account Debit Credit
Transcribed Image Text:2a. Assuming that the payroll for the last woek of the year is to be paid on January 4 af the follawing fiscal year, jaurnalize the entry an December 30, to record the payrol. Date Account Debit Credi Dec. 30 2b. Assuming that the payroll for the last week af the year is to be paid on Januery 4 of the following fiscal year, journalize the entry on January 4, to record the employer's payrol taxes an the payroll to be paid on January 4. Because it is a new fiscal year, all $352,000 in salaries is subject to unemplayment campersation taxes. Date Account Debit Credit
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