On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. Withholdingsfrom the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $3,000 offederal income taxes, $772 of medical insurance deductions, and $260 of union dues. No employee earned more than $7,000 in thisfirst period.Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities.View transaction listJournal entry worksheet1Record the employee payroll for period.Note: Enter debits before creditsDateJan 15Record entryGeneral JournalClear entryDebitCreditView general journal2

FICA Social Security Tax Payable = $32,000 x 6.2% = $1,984FICA Medicare Tax Payable = $32,000 x…

Answered: Prepare the journal entry to record…

Business

Accounting

Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities.

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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