Question

Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7.000 and FICA taxes totaling $2,625 were withheld from this amount. The net pay was directly deposited into the employees bank accounts, Assume Lightning Electronics also must pay $250 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Print View transaction list Journal entry worksheet Record the wages expense for November 1-14 time period, including payroll deductions. Note: Enter debits before credits Transaction Debit Credit General Journal TISSUES SERIE ATENE

Answer 1

Answer:

Date	Accounts title	Debit($)	Credit($)
1	Salaries and wages expense	50,000
	Employee income taxes payable		7,000
	FICA taxes payable		2,625
	Cash		40,375
	(To record the wages)
2	Payroll tax expense	2,875
	FICA taxes payable		2,625
	Unemployment taxes payable		250
	(To record the payroll tax)