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Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $72,000 but that employee income taxes totaling $11,400 and FICA taxes totaling $3,725 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics also must pay $470 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the wages expense for November 1-14 time period, including payroll deductions. Note: Enter debits before credits Transaction Record entry General Journal Clear entry Debit Credit View general journal

Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $72,000 but that employee income taxes totaling $11,400 and FICA taxes totaling $3,725 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics also must pay $470 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the wages expense for November 1-14 time period, including payroll deductions. Note: Enter debits before credits Transaction Record entry General Journal Clear entry Debit Credit View general journal

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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Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $72,000 but that employee income taxes totaling $11,400 and FICA taxes totaling $3,725 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics also must pay $470 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the wages expense for November 1-14 time period, including payroll deductions. Note: Enter debits before credits Transaction Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $72,000 but that employee income taxes totaling $11,400 and FICA taxes totaling $3,725 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics also must pay $470 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the wages expense for November 1-14 time period, including payroll deductions. Note: Enter debits before credits Transaction Record entry General Journal Clear entry Debit Credit View general journal
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