Yams Unlimited has total payroll of $60,000 for the month of September. The income taxes to...
Yams Unlimited has total payroll of $60,000 for the month of September. The income taxes to be withheld are $12,000 and FICA taxes are $4,590. What is the journal entry Yams should record for the payroll?
a) Debit Income tax payable 12,000
Debit FICA tax payable 4,590
Debit Salaries payable 43,410
Credit Salaries expense 60,000
b) Debit Salaries expense 60,000
Credit Income tax payable 12,000
Credit FICA tax payable 4,590
Credit Salaries payable 43,410
c) Debit Salaries expense 60,000
Credit Salaries payable 60,000
d) Debit Salaries expense 60,000
Credit Income tax payable 12,000
Credit Salaries payable 48,000
Homework Answers
Solution:
journal entry Yams should record for the payroll :
Debit Salaries expense 60,000
Credit Income tax payable 12,000
Credit FICA tax payable 4,590
Credit Salaries payable 43,410
Hence option b is correct.
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