Nov. 30: Journalized the monthly payroll for November, based on the following data. Description entries available are: Cash, Medicare Tax Payable, No Entry Required, Sales Salaries Expenses, Sales Salaries Payable. Salaries Deductions Sales salaries $135,000 Federal income tax withheld $39,266 Office salaries 77,250 Social security tax withheld 12,735 $212,250
Nov. 30: Journalized the monthly payroll for November, based on the following data. Description entries available are: Cash, Medicare Tax Payable, No Entry Required, Sales Salaries Expenses, Sales Salaries Payable. Salaries Deductions Sales salaries $135,000 Federal income tax withheld $39,266 Office salaries 77,250 Social security tax withheld 12,735 $212,250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Nov. 30: Journalized the monthly payroll for November, based on the following data.
Description entries available are: Cash, Medicare Tax Payable, No Entry Required, Sales Salaries Expenses, Sales Salaries Payable.
Salaries | Deductions | |||||||||||
Sales salaries | $135,000 | Federal income tax withheld | $39,266 | |||||||||
Office salaries | 77,250 | Social security tax withheld | 12,735 | |||||||||
$212,250 | Medicare tax withheld | 3,184 | ||||||||||
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Nov. 30: Journalized the employer's payroll taxes on the payroll.
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Dec. 14: Journalized the payment of the September 15 note at maturity.
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Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee.
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