The totals from the first payroll of the year are shown below.TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475. The totals from the first payroll of the year are shown below.TotalFICAFICAFITStateUnionNetEarningsOASDIHIW/HТаxDuesPay$36,195.10$2,244.10$524.83$6,515.00$361.95$500.00$26,049.22Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for thatday is $7,475.FICA Taxes Payable-HIPayroll TaxesRent ExpenseWages ExpenseWages Payable

Given gross pay = $7,475 In order to record accrued expenses, the expense which has been incurred but not yet paid has to be debited and accrued expenses account is credited.Journal entry: Date Account journal Debit $ Credit $ Wages expense 7,475 Wages payable 7,475 (To record accrued expense)

Answered: The totals from the first payroll of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

The totals from the first payroll of the year are shown below.
Total Earnings	FICA OASDI	FICA HI	FIT W/H	State Tax	Union Dues	Net Pay
$36,195.10	$2,244.10	$524.83	$6,515.00	$361.95	$500.00	$26,049.22

Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.

The totals from the first payroll of the year are shown below.
Total
FICA
FICA
FIT
State
Union
Net
Earnings
OASDI
HI
W/H
Таx
Dues
Pay
$36,195.10
$2,244.10
$524.83
$6,515.00
$361.95
$500.00
$26,049.22
Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that
day is $7,475.
FICA Taxes Payable-HI
Payroll Taxes
Rent Expense
Wages Expense
Wages Payable

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions