The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries$1,560,000Social security tax withheld93,600Medicare tax withheld23,400Federal income tax withheld312,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $260,000 of salaries. Required:A. Journalize the entry to record the payroll for the week of April 29.*B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.* *Refer to the Chart of Accounts for exact wording of account titles.
The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries$1,560,000Social security tax withheld93,600Medicare tax withheld23,400Federal income tax withheld312,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $260,000 of salaries. Required:A. Journalize the entry to record the payroll for the week of April 29.*B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.* *Refer to the Chart of Accounts for exact wording of account titles.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The payroll register for Gamble Company for the week ended April 29 indicated the following:
Salaries
$1,560,000
Social security tax withheld
93,600
Medicare tax withheld
23,400
Federal income tax withheld
312,000
In addition, state and federal
Required:
A.
B.
Journalize the entry to record the payroll tax expense incurred for the week of April 29.*
*Refer to the Chart of Accounts for exact wording of account titles.
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