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Instructions The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries Federal income tax withheld $689,000 137,800 The salaries were all subject to the 6.000 Journal a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to record the payroll tax expense incurred for the week of Ma *Refer to the Chart of Accounts for exact wording of account titles. Round your ans

Instructions The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries Federal income tax withheld $689,000 137,800 The salaries were all subject to the 6.000 Journal a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to record the payroll tax expense incurred for the week of Ma *Refer to the Chart of Accounts for exact wording of account titles. Round your ans

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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**Payroll Journal Entry for D. Salah Company** **Instructions:** The payroll register for D. Salah Company for the week ended May 18 indicated the following: - **Salaries:** $689,000 - **Federal income tax withheld:** $137,800 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $13,091 of salaries. **Required:** a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.* *Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest whole dollar. **Journal:** - **May 18:** 1. **Salaries Expense** 2. **Social Security Tax Payable** 3. **Medicare Tax Payable** 4. **Employees Federal Income Tax Payable** 5. **Salaries Payable** - **May 18:** 6. **Payroll Tax Expense** 7. **Social Security Tax Payable** 8. **Medicare Tax Payable** 9. **State Unemployment Tax Payable** 10. **Federal Unemployment Tax Payable**
Transcribed Image Text:**Payroll Journal Entry for D. Salah Company** **Instructions:** The payroll register for D. Salah Company for the week ended May 18 indicated the following: - **Salaries:** $689,000 - **Federal income tax withheld:** $137,800 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $13,091 of salaries. **Required:** a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.* *Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest whole dollar. **Journal:** - **May 18:** 1. **Salaries Expense** 2. **Social Security Tax Payable** 3. **Medicare Tax Payable** 4. **Employees Federal Income Tax Payable** 5. **Salaries Payable** - **May 18:** 6. **Payroll Tax Expense** 7. **Social Security Tax Payable** 8. **Medicare Tax Payable** 9. **State Unemployment Tax Payable** 10. **Federal Unemployment Tax Payable**
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