Question

Exercise 10-06 a-c Windsor's gross earnings for the week were $1,300, his federal income tax with-holding was $312, and his FICA total was $99. what was Windsor's net pay for the week? Windsor's net pay for the week Journalize the entry for the recording of his pay in the general journal (Note: Use Salaries and Wages Payable: not Cash.) (Credit accounts titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Record the issuing of the check for Windsor's pay in the general journal. (Credit accounts titles are automatically indented when the amount is entered. Do not indent manually.) Account Tities and Explanation Debit Credit

Answer 1

Solution Windsor's Gross earning for the week Federal income tax withholding FICA taxes $1,300 $312 $99 Required (a): Windsor's net pay for the week $1,300 Gross earnings Less: Federal income tax withholding FICA taxes deduction Net pay ($312) ($99) $889 Windsor's net pay for the week $889 Required (b): Journal entry to record his pay in the general journal Credit Debit $1,300 Account Titles and Explanation Salaries and Wages expense FICA taxes payable Federal Income taxes payable Salaries and Wages Payable (Bal. fig.) (To record payroll and withholding taxes) $99 $312 $889 Required (c): Journal entry to record the issuance of check for Windsor's pay in the general journal Credit Account Titles and Explanation Salaries and Wages Payable Cash (To record issue of check for Windsor's pay) Debit __ $889 $889)