Giblin’s Goodies pays employees weekly on Fridays. However, the company notices that March 31 is a Wednesday, and the pay period will end on April 2. The payroll data for March 29-31 is as follows Gross pay: $8,000.00 Federal income tax: $920.00 Social Security tax: $496.00 Medicare tax: $116.00 State income tax: $160.00 Federal Unemployment Tax: $48.00 State Unemployment Tax: $432.00 REQUIRED:Give the adjusting entry in the General Journal to recognize the employee and employer share of the payroll for March 29–31. The date of the entry is March 31. Then record the journal entry to reverse the adjustment on April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) Record the adjusting Journal Entry for employees' share of payroll accrual. Date General Journal Debit Credit
Giblin’s Goodies pays employees weekly on Fridays. However, the company notices that March 31 is a Wednesday, and the pay period will end on April 2. The payroll data for March 29-31 is as follows
Gross pay: $8,000.00 Federal income tax: $920.00 Social Security tax: $496.00 Medicare tax: $116.00 State income tax: $160.00 Federal
REQUIRED:Give the
Record the adjusting Journal Entry for employees' share of payroll accrual.
| Date | General Journal | Debit | Credit |
Journal entry is a process of recording the business transaction into books of accounts initially. The payroll register is maintained by the company under which the company keeps employee information related to their personal and wages.
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