Question

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8 Homework graded 0 Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completi Problem 8-4B Record payroll (LO8-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate $1,700,000 85,000 34,000 11,900 5,950 365,500 7.658 6.208 Required: 1., 2. & 3. Record the necessary journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Answer is not complete. No General Journal Credit Date January 24 Debit 1.700,000 Salaries Expense Income Tax Payable FICA Tax Payable 365,500 130,050 < Prev 4 of 5 !!! Next >

Answer 1

Journal Entries:

No	Date	General Journal	Debit	Credit
1	January 24	Salaries expense	1,700,000
		Income Tax Payable		365,500
		FICA Tax Payable		130,050
		Salaries Payable		1,204,450
2	January 24	Salaries expense	136,850
		Accounts Payable (Dental Insurance)		11,900
		Accounts Payable (Life Insurance)		5,950
		Accounts Payable (Medical Insurance)		34,000
		Accounts Payable (Retirement Plan)		85,000
3	January 24	Payroll Tax Expense	235,450
		FICA Tax Payable                            [1,700,000 x 7.65%]		130,050
		Unemployment Tax Payable [1,700,000 x 6.20%]		105,400