The payroll reaister for Gamble Company for the week ended April 29 indicated the followingSalaries $1,250,000 Social security tax withheld 75,000 Medicare tax withheld 18,750 Federal income tax withheld 250,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $225,000 of salaries. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of April 29.

Question

Business

Elaina Bonilla

20 October, 21:25

The payroll reaister for Gamble Company for the week ended April 29 indicated the followingSalaries $1,250,000 Social security tax withheld 75,000 Medicare tax withheld 18,750 Federal income tax withheld 250,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $225,000 of salaries. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of April 29.

+3

Answers (1)

Know the Answer?

Manuel Parrish · Answer 1

The journal entry is as follows:

On April 29,

Salaries A/c Dr. $1,250,000

To social security taxes payable 75,000

To medicare taxes payable 18,750

To Federal withholding taxes payable 250,000

To salaries payable 906,250

(To record the payroll for the week)