During January, Deluxe Printing pays employee salaries of $1.46 million. Withholdings in January are $68,000 for the employee portion of FICA, $220,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross). The company incurs an additional $28,000 for federal and state unemployment tax, and $30,000 for the employer portion of health insurance. Required: 1., 2. & 3. Record the following transactions for Deluxe Printing. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions.) View transaction list Journal entry worksheet < 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Date January 31 Note: Enter debits before credits. General Journal Debit Credit
During January, Deluxe Printing pays employee salaries of $1.46 million. Withholdings in January are $68,000 for the employee portion of FICA, $220,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross). The company incurs an additional $28,000 for federal and state unemployment tax, and $30,000 for the employer portion of health insurance. Required: 1., 2. & 3. Record the following transactions for Deluxe Printing. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions.) View transaction list Journal entry worksheet < 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Date January 31 Note: Enter debits before credits. General Journal Debit Credit
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 6E: On January 21, the column totals of the payroll register for Great Products Company showed that its...
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