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Sedaia [141]
3 years ago
11

Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries

and wages earned by employees $ 212,000 Employee income taxes withheld 42,400 Employee government insurance premiums withheld 4,000 FICA payroll taxes* 16,900 *Assessed on both employer and employee (i.e., $16,900 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. (For all requirements, If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
ololo11 [35]3 years ago
6 0

Answer:

wages expense 212,000 debit

           Income tax payroll payable 42,400 credit

           FICA payable                        16,900 credit

           insurnace premium payable 4,000 credit

           wages payable                   148,700 credit

--to record wages to employees--

payroll tax expense 19,400  debit

        FICA payable                     19,400 credit

--to record employeed payroll taxes--

Income tax payroll payable 42,400 debit

FICA payable                        33,800 debit

insurnace premium payable 4,000 debit

            Cash                                         80,200 credit

--to record payment to gevernment agencies--

Explanation:

We have to deduct from the wages the employee deductions

the remaining is the wages payable

Then, we record the same amount of fica as expense as we, the employer are paying them

Then we debit all the liaiblities which arise from the employees and credit cash for the total amount

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1. Preparation for the statement of comprehensive income using the one statement format

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