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On January 15, the end of the first pay period of the year, North Company's employees earned $40,000 of sales 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%, $2,000 of federal income taxes, $1,108 of medical insurance deductions, and $240 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities.

On January 15, the end of the first pay period of the year, North Company's employees earned $40,000 of sales 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%, $2,000 of federal income taxes, $1,108 of medical insurance deductions, and $240 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities.

FINANCIAL ACCOUNTING
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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On January 15, the end of the first pay period of the year, North Company's employees earned $40,000 of sales 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%, $2,000 of federal income taxes, $1,108 of medical insurance deductions, and $240 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. View transaction list Journal entry worksheet < Record the employee payroll for period. Note: Enter debits before credits Date January 15 General Journal < Prev 8 of 20 Debit Credit Next >
Transcribed Image Text:On January 15, the end of the first pay period of the year, North Company's employees earned $40,000 of sales 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%, $2,000 of federal income taxes, $1,108 of medical insurance deductions, and $240 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. View transaction list Journal entry worksheet < Record the employee payroll for period. Note: Enter debits before credits Date January 15 General Journal < Prev 8 of 20 Debit Credit Next >
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