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Ivahew [28]
3 years ago
8

Giblin’s Goodies pays employees weekly on Fridays. However, the company notices that October 31 is a Thursday and the pay period

will end on November 1. The payroll data for October 28–October 31 is as follows:
Gross pay: $4,500.00
Federal income tax: $520.00
Social Security tax: $279.00
Medicare tax: $65.25
State income tax: $90.00
Required: Give the adjusting entry in the General Journal to recognize the employee and employer share of the payroll for October 28-31. Date the entry October 31. Then give the journal entry to reverse the adjustment on November 1, 2019.
Business
1 answer:
VladimirAG [237]3 years ago
8 0

Answer:

Below is the Journal entry to record Giblin's Goodies Adjusting entry and Reversing entry to follow:

Explanation:

Date: October 31

Debit: Salaries and Wages Expense $4,500

         Credit: Salaries and Wages Payable $3,545.75

         Credit: Federal income tax Payable $520.00  

         Credit: Social Security tax Payable $279.00

        Credit: Medicare tax Payable $65.25

         Credit: State income tax Payable $90.00

<em>To record Salaries and Wages Payable.</em>

Date: November 1

Debit: Salaries and Wages Payable $3,545.75

          Credit: Cash $3,545.75

<em>To record payment of Salaries and Wages.</em>

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Answer:

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Answer:

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