Journalize Period PayrollThe payroll register of Patel Engineering Co. indicates $2,640 of social security withheld and $660 of Medicare tax withheld on total salaries of $44,000 forthe period. Retirement savings withheld from employee paychecks were $3,080 for the period. Federal withholding for the period totaled $7,480.Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.Salaries Expense vSocial Security Tax PayableMedicare Tax Payable vEmployees Federal Income Tax PayableRetirement Savings Deductions Payable vSalaries Payable /Feedback

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.Prepare the journal entry for the period’s payroll.

Answered: Provide the journal entry for the…

Business

Accounting

Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

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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Question

Journalize Period Payroll
The payroll register of Patel Engineering Co. indicates $2,640 of social security withheld and $660 of Medicare tax withheld on total salaries of $44,000 for
the period. Retirement savings withheld from employee paychecks were $3,080 for the period. Federal withholding for the period totaled $7,480.
Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
Salaries Expense v
Social Security Tax Payable
Medicare Tax Payable v
Employees Federal Income Tax Payable
Retirement Savings Deductions Payable v
Salaries Payable /
Feedback

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