The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare...

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The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare...

The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $3,260.

	Required:
	Prepare the journal entry for the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles.

Prepare the journal entry for the period’s payroll on December 31. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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business accounting

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Answer 1

Answer #1

Date	Description	Post ref	Debit	Credit	Assets	Liabilities	Equity
December 31	Salaries Expense		15000				↓
	Social Security Tax Payable			920		↑
	Medicare Tax Payable			256		↑
	Employees Federal Income Tax Payable			3260		↑
	Salaries Payable			10564		↑

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Answer 2

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The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare...

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