KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2020, the payroll taxes (employee and employer share combined) were as follows: Social Security tax: $3,352.53 Medicare tax: $784.06 Employee Federal income tax: $2,600.00 Required: Create the General Journal entry for the remittance of the taxes. (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.)
KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2020, the payroll taxes (employee and employer share combined) were as follows: Social Security tax: $3,352.53 Medicare tax: $784.06 Employee Federal income tax: $2,600.00 Required: Create the General Journal entry for the remittance of the taxes. (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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2020, the payroll taxes (employee and
employer share combined) were as follows:
Social Security tax: $3,352.53
Medicare tax: $784.06
Employee Federal income tax: $2,600.00
Required:
Create the General Journal entry for the remittance of the taxes. (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.)
View transaction list
Journal entry worksheet
1
Record the remittance of August payroll taxes.
Note: Enter debits before credits.
Debit
Credit
Date
General Journal
Sep 15
7 of 8
Next
Drov
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View transaction list
Journal entry worksheet
1
Record the
No journal entry required
401(k) Contributions payable
Cash
Note: Enter det
Employee Federal income tax payable
Date
Debit
Credit
Sep 15
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