Question

During the month of March, Pharoah Company's employees earned wages of $60,000. Withholdings related to these wages were $4,590 for FICA, $7,200 for federal home tax, $3,000 for state income tax, and $360 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $600 for state unemployment tax.

Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit Mar. 31 Prepare the entry to record the company's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar 31 lin nas andra to Chess Warline the action in China

Answer 1

SOL ::-

		Debit	Credit
Mar 31	Salaries and Wage Expense	60000
	FICA Taxes Payable		4590
	Federal Home Taxes Payable		7200
	State Income Taxes Payable		3000
	Union Dues Payable		360
	Salaries and Wages Payable		44850
Mar 31	Payroll Tax Expense	5190
	FICA Taxes Payable		4590
	State Unemployment Taxes Payable		600

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