Saleem Enterprises is a graphic design company. The accountant needs to prepare the relative journal entries to determine items related to salaries, deductions, and contributions. a) On May 31, Saleem Enterprises had gross pay for employees of $49,000. Total employee contributions to the retirement savings plan is $1,700. The appropriate deduction rates are provided. Record the entry for salaries expense on May 31. Federal income tax rate 9.00% State income tax rate 6.00% FICA 7.65% FUTA 0.60% SUTA 5.40% Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. For transactions with more than one debit, enter the debit accounts in alphabetical order. For transactions with more than one credit, enter the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit May 31 Record salaries and deductions b) Using the data from above and assuming Saleem Enterprises contributes the same amount toward the employee retirement savings plan, prepare the journal entry for the employer's payroll contributions. Date Account Title and Explanation Debit Credit May 31 Record Saleem payroll expenses
Saleem Enterprises is a graphic design company. The accountant needs to prepare the relative journal entries to determine items related to salaries, deductions, and contributions. a) On May 31, Saleem Enterprises had gross pay for employees of $49,000. Total employee contributions to the retirement savings plan is $1,700. The appropriate deduction rates are provided. Record the entry for salaries expense on May 31. Federal income tax rate 9.00% State income tax rate 6.00% FICA 7.65% FUTA 0.60% SUTA 5.40% Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. For transactions with more than one debit, enter the debit accounts in alphabetical order. For transactions with more than one credit, enter the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit May 31 Record salaries and deductions b) Using the data from above and assuming Saleem Enterprises contributes the same amount toward the employee retirement savings plan, prepare the journal entry for the employer's payroll contributions. Date Account Title and Explanation Debit Credit May 31 Record Saleem payroll expenses
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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