On January 14, the end of the first pay period of the year, a company's employees earned $32,000 of salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, and $2,500 of federal income taxes. No employee earned more than $7,000 in this first period. Prepare the journal entry to record the company's January 14 salaries expense and related liabilities. View transaction list Journal entry worksheet < Record the company's January 14 salaries expense and related liabilities. Note: Enter debits before credits. Date January 14 General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable Employee federal income taxes payable Debit Credit
On January 14, the end of the first pay period of the year, a company's employees earned $32,000 of salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, and $2,500 of federal income taxes. No employee earned more than $7,000 in this first period. Prepare the journal entry to record the company's January 14 salaries expense and related liabilities. View transaction list Journal entry worksheet < Record the company's January 14 salaries expense and related liabilities. Note: Enter debits before credits. Date January 14 General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable Employee federal income taxes payable Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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G.10.
Transcribed Image Text:On January 14, the end of the first pay period of the year, a company's employees earned $32,000 of salaries. Withholdings from the
employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, and $2,500 of
federal income taxes. No employee earned more than $7,000 in this first period.
Prepare the journal entry to record the company's January 14 salaries expense and related liabilities.
View transaction list
Journal entry worksheet
<
Record the company's January 14 salaries expense and related liabilities.
Note: Enter debits before credits.
Date
January 14
General Journal
Salaries expense
FICA-Social security taxes payable
FICA-Medicare taxes payable
Salaries payable
Employee federal income taxes payable
Record entry
Clear entry
Debit
Credit
View general Journal
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