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es Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following d Salaries and wages earned by employees Employee income taxes withheld. Employee government insurance premiums withheld. FICA payroll taxes* "Assessed on both employer and employee (i.e., $15,900 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have b that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the fin field. View transaction list Journal entry worksheet 2 Jhuß < $ 215,000 43,000 2,000 15,900 1 Record the entry to show the payment of amounts owed to governmental agencies. Prey 1 of 5 www EEE Next

es Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following d Salaries and wages earned by employees Employee income taxes withheld. Employee government insurance premiums withheld. FICA payroll taxes* "Assessed on both employer and employee (i.e., $15,900 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have b that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the fin field. View transaction list Journal entry worksheet 2 Jhuß < $ 215,000 43,000 2,000 15,900 1 Record the entry to show the payment of amounts owed to governmental agencies. Prey 1 of 5 www EEE Next

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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es Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following d Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes* Assessed on both employer and employee (i.e., $15,900 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have t that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the fin field. View transaction list Journal entry worksheet < $ 215,000 43,000 2,000 15,900 1 2 Jh Record the entry to show the payment of amounts owed to governmental agencies. Prey 1 of 5 www FEE Next
Transcribed Image Text:es Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following d Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes* Assessed on both employer and employee (i.e., $15,900 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have t that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the fin field. View transaction list Journal entry worksheet < $ 215,000 43,000 2,000 15,900 1 2 Jh Record the entry to show the payment of amounts owed to governmental agencies. Prey 1 of 5 www FEE Next
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