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Rand Companys payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $12Chart of Accounts ASSETS REVENUE 411 Sales Revenue 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance EXPENPrepare the journal entries for Rands payroll and payroll taxes on December 31. Assume the payroll is paid on December 31. G

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Answer #1
Date Account Title Post. Ref. Debit Credit
December 31 Salaries expense 500000
       FICA taxes payable 12000 =(500000-350000)*8%
       Federal Income taxes withholding payable 85000
       Union dues payable 10000
        Cash 393000
December 31 Payroll Taxes expense 18000
       FICA taxes payable 12000
       Federal Unemployment taxes payable 600 =(500000-400000)*0.6%
       State Unemployment taxes payable 5400 =(500000-400000)*5.4%
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