On January 14, the end of the first pay period of the year, a company's employees earned $50,000 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 $2,600 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 salarles expense and related liabilities. View transaction Mat Journal entry worksheet 1 Record the company's January 14 salaries expense and related liabilities. Note: debits before precits. Date January 14 Record entry General Journal Clear entry Debit Credit View general Journal
On January 14, the end of the first pay period of the year, a company's employees earned $50,000 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 $2,600 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 salarles expense and related liabilities. View transaction Mat Journal entry worksheet 1 Record the company's January 14 salaries expense and related liabilities. Note: debits before precits. Date January 14 Record entry General Journal Clear entry Debit Credit View general Journal
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2E
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Question
![On January 14, the end of the first pay period of the year, a company's employees earned $50,000 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 $2,600 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 let
Journal entry worksheet
1
Record the company's January 14 salaries expense and related liabilities.
Note: Enter debits before precits.
Date
January 14
Racord entry
General Journal
Clear entry
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f3bbd2d-9248-4abf-9000-b221cecc285c%2F2119fcf1-36c9-4bef-90f1-03db9b67ae23%2F11upq2q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 14, the end of the first pay period of the year, a company's employees earned $50,000 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 $2,600 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 let
Journal entry worksheet
1
Record the company's January 14 salaries expense and related liabilities.
Note: Enter debits before precits.
Date
January 14
Racord entry
General Journal
Clear entry
Debit
Credit
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