Answer:
Journal entries for the following will be shown below:
Explanation:
1.
Journal entries for the wages expense is as follows:
Wages expense A/c.........................Dr $50,000
Income Tax Payable A/c................Cr $7,000
FICA taxes payable A/c...................Cr $2,625
Cash A/c...............................................Cr $40,375
Working Note:
Cash = Wage expense - Income tax payable - FICA taxes payable
= $50,000 - $7,000 - $2,625
= $40,375
2.
Journal entry for the payroll expenses is as follows:
Payroll tax expense A/c............................Dr $2,875
FICA taxes payable A/c............................Cr $2,625
Unemployment taxes payable A/c.........Cr $250
