The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld 21,600 Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $244,000 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.*
The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld 21,600 Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $244,000 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.*
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
a. | |
b. | Journalize the entry to record the payroll tax expense incurred for the week of April 29.* |
![Instructions
The payroll register for Schmidt Company for the week ended April 29 indicated the following:
Salaries
$1,440,000
Social security tax withheld
86,400
Medicare tax withheld
21,600
Federal income tax withheld
288,000
In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $244,000 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.*](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F518d5b01-a081-4158-af5e-3484c0c31611%2F2c8a35df-e1f3-4a58-9904-850af5312702%2Fpaoy87a_processed.png&w=3840&q=75)
Transcribed Image Text:Instructions
The payroll register for Schmidt Company for the week ended April 29 indicated the following:
Salaries
$1,440,000
Social security tax withheld
86,400
Medicare tax withheld
21,600
Federal income tax withheld
288,000
In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $244,000 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.*
![Journal
PAGE 11
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
4
5
7
8](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F518d5b01-a081-4158-af5e-3484c0c31611%2F2c8a35df-e1f3-4a58-9904-850af5312702%2Fvhxbmwe_processed.png&w=3840&q=75)
Transcribed Image Text:Journal
PAGE 11
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
4
5
7
8
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