Question

After the JPR Corporation paid its employees on May 15, 2019, and recorded the corporation’s share of payroll taxes for the payroll paid that date, the firm’s general ledger showed a balance of $1,730 in the Social Security Tax Payable account, a balance of $356 in the Medicare Tax Payable account, and a balance of $1,972 in the Employee Income Tax Payable account. On May 16, 2019, the business issued a check to deposit the taxes owed in the local bank. Record this transaction in a general journal form.

Answer 1

Answer:

Given that the firm's general ledger showed the following:

Balance in the Social Security Tax Payable account = $1,730

Balance in the Medicare Tax Payable account = $356

Balance in the Employee Income Tax Payable account = $1,972.

Record this transaction in a general journal form:

Date: May 16, 2019

Account title: Social Security Tax Payale. Dr. $1,730

                      Medicare Tax Payable. Dr.  $356

                      Employee Income Tax Payable, Dr. $1,972

                      Bank/Cash(Total),  Cr. $4,058