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Nookie1986 [14]
3 years ago
7

Toshlin issues financial statements on June 30. If payroll was $30,000 through June 30th and wages were to be paid on July 5. Wh

at is the correct journal entry on June 30?Assume FIT = 15%, FICA = 8%, SUTA = 6%, FUTA = 1%,
Business
1 answer:
ad-work [718]3 years ago
6 0

Answer:

a. No entry is required.

b.   Payroll        Dr.      $30,000  

           Wages Payable                      Cr.   $30,000

c.     Payroll          Dr.           $30,000    

             Federal Income Tax              Cr.       $4,500    

             FICA Taxes Payable               Cr.      $2,400    

             Wages Payable                       Cr.      $23,100      

d.     Payroll                          Dr.      $30,000  

              Federal Income Tax                       Cr.         $4,500  

              FICA Taxes Payable                       Cr.        $2,400    

              SUTA                                               Cr.        $1,800    

              FUTA                                               Cr.        $300        

              Wages Payable                               Cr.        $21,000

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