May 18 b. Journalize the entry to record the payroll tax expense incurred for the week of May 18. May 18

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Payroll Entries

The payroll register for D. Salah Company for the week ended May 18 indicated the following:

Salaries $561,000
Federal income tax withheld 112,200

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 $11,000 of salaries.

If an amount box does not require an entry, leave it blank.

a.  Journalize the entry to record the payroll for the week of May 18.

May 18
b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
May 18
Transcribed Image Text:May 18 b. Journalize the entry to record the payroll tax expense incurred for the week of May 18. May 18
On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current market price of $73.
Journalize this transaction. If an amount box does not require an entry, leave it blank or enter "0".
Аpг. 10
Transcribed Image Text:On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current market price of $73. Journalize this transaction. If an amount box does not require an entry, leave it blank or enter "0". Аpг. 10
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