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 $ 205,000 41,000 Employee government insurance premiums withheld 2,000 FICA payroll taxes* 15,100 *Assessed on both employer and employee (i.e., $15,100 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 >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Vishnu 

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
$ 205,000
41,000
Employee government insurance premiums withheld
2,000
FICA payroll taxes*
15,100
*Assessed on both employer and employee (i.e., $15,100 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
>
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 $ 205,000 41,000 Employee government insurance premiums withheld 2,000 FICA payroll taxes* 15,100 *Assessed on both employer and employee (i.e., $15,100 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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