Mullen Company pays its employees every other Friday, December 31, 2020, was a Sunday. On Friday, January 5, 2021, Mullen paid wages of $147,000, which covered the 14-day period fromDecember 20, 2020, through January 2, 2021. Wages were eamed evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled$17,185, while the FICA tax withheld was $13,300. (Ignore the employer payroll taxes in this exercise.) Prepare the entry to accrue the company's wages and payroll taxes at December 31, 2020.(Assume the $147,000 in wages was the gross amount of the payroll. Record debits first, then credits. Exclude explanations from any journal entries.)DecDate202031Salary ExpenseSalary PayableJournal EntryAccountsEmployee Income Tax PayableFICA Tax PayableYDebitCredit

The accounting practice of documenting the salaries or benefits that managers of small and…

Mullen Company pays its employees every other Friday, December 31, 2020, was a Sunday. On Friday, January 5, 2021, Mullen paid wages of $147,000, which covered the 14-day period from December 20, 2020, though January 2, 2021. Wages were eamed evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled $17,185, while the FICA tax withheld was $13.300 (gnore the employer payroll taxes in this exercise) Prepare the entry to accrue the company's wages and payroll taxes at December 31, 2020. (Assume the $147,000 in wages was the gross amount of the payroll Record debits first, then credits, Exclude explanations from any journal entries) Dec Date 2020 31 Salary Expense Salary Payable Journal Entry Accounts Employee Income Tax Payable FICA Tax Payable Debit CID Credit

Mullen Company pays its employees every other Friday, December 31, 2020, was a Sunday. On Friday, January 5, 2021, Mullen paid wages of $147,000, which covered the 14-day period from December 20, 2020, though January 2, 2021. Wages were eamed evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled $17,185, while the FICA tax withheld was $13.300 (gnore the employer payroll taxes in this exercise) Prepare the entry to accrue the company's wages and payroll taxes at December 31, 2020. (Assume the $147,000 in wages was the gross amount of the payroll Record debits first, then credits, Exclude explanations from any journal entries) Dec Date 2020 31 Salary Expense Salary Payable Journal Entry Accounts Employee Income Tax Payable FICA Tax Payable Debit CID Credit

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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