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v Check My Work The payroll entry involves increases in Wages and Salaries Expense and all the payables, and a decrease in cash. The journal entry for employer payroll taxes expense involves increases in payroll taxes expense and the payables. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20-. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20-. C. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.

v Check My Work The payroll entry involves increases in Wages and Salaries Expense and all the payables, and a decrease in cash. The journal entry for employer payroll taxes expense involves increases in payroll taxes expense and the payables. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20-. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20-. C. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.

FINANCIAL ACCOUNTING
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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I already did part b and c and I am struggling to do part a. Help please !!
Feedback v Check My Work The payroll entry involves increases in Wages and Salaries Expense and all the payables, and a decrease in cash. The journal entry for employer payroll taxes expense involves increases in payroll taxes expense and the payables. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20- b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20-. C. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20-. Be sure to consider the opening balances in the amounts paid.
Transcribed Image Text:Feedback v Check My Work The payroll entry involves increases in Wages and Salaries Expense and all the payables, and a decrease in cash. The journal entry for employer payroll taxes expense involves increases in payroll taxes expense and the payables. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20- b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20-. C. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20-. Be sure to consider the opening balances in the amounts paid.
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