Jumping Jumpers Smocking, Inc., is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of the federal taxes. All tax payments are made in a timely manner on the payment due date (which, for this month, is not impacted by a weekend or holiday). Chart of Accounts Notes: . Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. See the Chart of Accounts provided for the proper account names to use. . • To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount, full credit is given for a correct account name with the correct amount. • Do not include journal entry explanation when submitting your answer. December Tax Totals Federal Income Tax $750 Employer's Social Security Tax $590 Employee's Social Security Tax $590 Employer's Medicare Tax Employee's Medicare Tax $190 $190 Open Directions in Popup Window Date MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD Account Name Debit S S S $ $ S S $ S S Credit $ $ $ $ $ $ $ $ $ $
Jumping Jumpers Smocking, Inc., is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of the federal taxes. All tax payments are made in a timely manner on the payment due date (which, for this month, is not impacted by a weekend or holiday). Chart of Accounts Notes: . Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. See the Chart of Accounts provided for the proper account names to use. . • To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount, full credit is given for a correct account name with the correct amount. • Do not include journal entry explanation when submitting your answer. December Tax Totals Federal Income Tax $750 Employer's Social Security Tax $590 Employee's Social Security Tax $590 Employer's Medicare Tax Employee's Medicare Tax $190 $190 Open Directions in Popup Window Date MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD MM/DD Account Name Debit S S S $ $ S S $ S S Credit $ $ $ $ $ $ $ $ $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Jumping Jumpers Smocking, Inc., is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of the federal taxes. All tax payments are made
in a timely manner on the payment due date (which, for this month, is not impacted by a weekend or holiday).
Chart of Accounts
Notes:
• Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits.
• See the Chart of Accounts provided for the proper account names to use.
•
To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit given for a correct account name with an incorrect amount; full credit is given for a correct account
name with the correct amount.
• Do not include journal entry explanation when submitting your answer.
December Tax Totals
Federal Income Tax
Employer's Social Security Tax $590
$750
Employee's Social Security Tax $590
Employer's Medicare Tax
Employee's Medicare Tax
Open Directions Popup Window
$190
$190
Date
MM/DD
MM/DD
MM/DD
MM/DD
MM/DD
MM/DD
MM/DD
MM/DD
MM/DD
MM/DD
Account Name
Debit
-------
|$
|$
$
Credit
$
$
$
$
$
$
$
$
$
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