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.

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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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 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.

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