Business, 18.06.2020 23:57 evanwall91
The payroll register of Heritage Co. indicates $13,440 of social security withheld and $3,360 of Medicare tax withheld on total salaries of $224,000 for the period. Federal withholding for the period totaled $43,140. Retirement savings withheld from employee paychecks were $2,660 for the period. Journalize the entry to record the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles.
Answer from: memester74
Answer and Explanation:
The journal entries are shown below:
Salary & Wages expense$224,000
To social security Payable $13,440
To Medicare tax Payable $3,360
To Federal Tax Witholding Payable $43,140
To Retirement contribution payable $2,660
To Salary & Wages Payable $161,400 (Balancing figure)
(Being the period payroll is recorded)
For recording this we debited the salary & wages expense as it increased the expenses and credited all other accounts as it increased the liabilities
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