Chapter 11, Problem P11.31BPGB

To determine

Payroll:

Payroll is the amount of compensation received by an employee for the service performed for the company during the specified period of time.

To determine:

1. Wallace’s gross pay, payroll deductions, and net pay for the year 2018.

2. Moonwalk’s total 2018 payroll tax expense for Wallace.

3. The Journal entry to record Moonwalk’s expense for Wallace’s total earnings for the year.

4. The Journal entry to record the accrual of Moonwalk’s payroll tax expense for Wallace’s total earnings

5. The Journal entry for the payment of the payroll withholdings and taxes.