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
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 3PB
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Question
![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, 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.)
Dec
Date
2020
31
Salary Expense
Salary Payable
Journal Entry
Accounts
Employee Income Tax Payable
FICA Tax Payable
Y
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5845f8f9-4468-4826-b8ff-f062d1c0bb86%2Fd1458f97-6235-422e-b2e5-2160a02a8339%2F3z7wrwg_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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, 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.)
Dec
Date
2020
31
Salary Expense
Salary Payable
Journal Entry
Accounts
Employee Income Tax Payable
FICA Tax Payable
Y
Debit
Credit
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