Exercise 11.2 (Algo) Recording deposit of social security, Medicare, and income taxes. LO 11-3 After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $20,000 in the Social Security Tax Payable account, a balance of $4,211 in the Medicare Tax Payable account, and a balance of $18,560 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form. View transaction list View journal entry worksheet No Date 1 July 16 Payroll taxes expense General Journal Social security tax payable Medicare tax payable State unemployment tax navable Debit
Exercise 11.2 (Algo) Recording deposit of social security, Medicare, and income taxes. LO 11-3 After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $20,000 in the Social Security Tax Payable account, a balance of $4,211 in the Medicare Tax Payable account, and a balance of $18,560 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form. View transaction list View journal entry worksheet No Date 1 July 16 Payroll taxes expense General Journal Social security tax payable Medicare tax payable State unemployment tax navable Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am. 107.
Transcribed Image Text:Exercise 11.2 (Algo) Recording deposit of social security, Medicare, and income
taxes. LO 11-3
After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes
for the payroll paid that date, the firm's general ledger showed a balance of $20,000 in the Social Security
Tax Payable account, a balance of $4,211 in the Medicare Tax Payable account, and a balance of $18,560 in
the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes
owed in the First Texas Bank. Record this transaction in general journal form.
View transaction list
View journal entry worksheet
No
Date
1
July 16
Payroll taxes expense
General Journal
Social security tax payable
Medicare tax payable
State unemployment tax navable
Debit
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