Question

Bridgeport Corporation's weekly payroll of $16,000 included FICA taxes withheld of $1,224, federal taxes withheld of $3,250, state taxes withheld of $860, and insurance premiums withheld of $240. Prepare the journal entry to record Bridgeport's payroll. 5 entries for accounts and debits/credits.

Answer 1

Answer:

The following 5 entries shall be booked in Accounts of Bridgeport Corporation for the purpose of weekly Payroll:

Explanation:

                                                                     Debit                                Credit

payroll expense                                            $16000

FICA tax withheld payable                                                                   $1224

Federal taxes withheld payable                                                           $3250

State taxes withheld payable                                                               $860

Insurance Premiums payable                                                               $240

Salaries payable to employees                                                            $10426

(16000-1224-3250-860-240)