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26 June, 13:40

Bridgeport Corporation's weekly payroll of $16,000 included FICA taxes withheld of $1,224, federal taxes withheld of $3,250, state taxes withheld of $860, and insurance premiums withheld of $240. Prepare the journal entry to record Bridgeport's payroll. 5 entries for accounts and debits/credits.

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  1. 26 June, 13:59
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    The following 5 entries shall be booked in Accounts of Bridgeport Corporation for the purpose of weekly Payroll:

    Explanation:

    Debit Credit

    payroll expense $16000

    FICA tax withheld payable $1224

    Federal taxes withheld payable $3250

    State taxes withheld payable $860

    Insurance Premiums payable $240

    Salaries payable to employees $10426

    (16000-1224-3250-860-240)
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