E3-6 Journal entries for payroll A partial summary of the payroll data for Long Inds. for each week of Juneis as follows: 7-Jun 14-Jun 21-Jun 28-Jun Gross earnings $35,550 $31,770 $34,425 $36,180 Deductions: FICA tax 8% ? ? ? ? Income Tax $4,250 $3,980 $4,000 $4,375 Health Insurance 950 950 950 950 Tax Sheltered annuity 1,900 1,800 1,925 1,800 Total deductions ? ? ? ? Net earnings ? ? ? ? a.Compute the missingamounts in the summary, assuming that no employeeshave reached the $120,000 FICA maximum. b.Foreach payroll period, prepare journal entries to (1) record the payroll and (2) record the paymentsto employees.
E3-6
A partial summary of the payroll data for Long Inds. for each week of Juneis as follows:
7-Jun 14-Jun 21-Jun 28-Jun
Gross earnings $35,550 $31,770 $34,425 $36,180
Deductions:
FICA tax 8% ? ? ? ?
Income Tax $4,250 $3,980 $4,000 $4,375
Health Insurance 950 950 950 950
Tax Sheltered annuity 1,900 1,800 1,925 1,800
Total deductions ? ? ? ?
Net earnings ? ? ? ?
a.Compute the missingamounts in the summary, assuming that no employeeshave reached the $120,000 FICA maximum.
b.Foreach payroll period, prepare journal entries to (1) record the payroll and (2) record the paymentsto employees.
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