Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld $ 217,000 43,400 FICA payroll taxes* 4,000 15,300 *Assessed on both employer and employee (i.e., $15,300 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Record the payroll for March, including employee deductions. Note: Enter debits before credits. Date March 31 General Journal Debit Credit Record entry Clear entry View general journal >
Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld $ 217,000 43,400 FICA payroll taxes* 4,000 15,300 *Assessed on both employer and employee (i.e., $15,300 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Record the payroll for March, including employee deductions. Note: Enter debits before credits. Date March 31 General Journal Debit Credit Record entry Clear entry View general journal >
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1MP: The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows:...
Related questions
Question
Journal 1. Record the payroll for March, including employee deductions.
Journal 2. Record the employer's payroll taxes.
Journal 3. Record the entry to show the payment of amounts owed to governmental agencies.

Transcribed Image Text:Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details:
Salaries and wages earned by employees
Employee income taxes withheld
Employee government insurance premiums withheld
$ 217,000
43,400
FICA payroll taxes*
4,000
15,300
*Assessed on both employer and employee (i.e., $15,300 each).
Required:
1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but
that Palouse has yet to transfer any withholdings to the government.
2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government.
3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies.
Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account
field.
View transaction list
Journal entry worksheet
1
2
3
Record the payroll for March, including employee deductions.
Note: Enter debits before credits.
Date
March 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
>
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