During the month of January, an employee earned $4,300 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $266.60, FICA Medicare taxes of $62.35, federal income taxes of $457.95, and medical insurance deductions of $182.75. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 Record payroll for period. Note: Enter debits before credits. Date January 31 General Journal Debit Credit 4

During the month of January, an employee earned $4,300 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $266.60, FICA Medicare taxes of $62.35, federal income taxes of $457.95, and medical insurance deductions of $182.75. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 Record payroll for period. Note: Enter debits before credits. Date January 31 General Journal Debit Credit 4

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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Question

During the month of January, an employee earned $4,300 of salary. Withholdings from the employee's salary consist of FICA Social
Security taxes of $266.60, FICA Medicare taxes of $62.35, federal income taxes of $457.95, and medical insurance deductions of
$182.75. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid
in early February. (Round your final answers to 2 decimal places.)
View transaction list
Journal entry worksheet
<
1
Record payroll for period.
Note: Enter debits before credits.
Date
January 31
General Journal
Debit
Credit
4

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