Question

Exercise 10-07 Robert Noll's gross earnings for the week were $1,200, his federal income tax withholding was $216, and his FICA total was $92. There were no state income taxes. What was Noll's net pay for the week? Net pay SHOW LIST OF ACCOUNTS LINK TO TEXT Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries and Wages Payable, not Cash.) (Credit account titles are automatically indented when the amount is entered. Do not Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Record the issuing of the check for Noll's pay in the general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Answer 1

Net Pay S 892 Working notes: Computation of Net Pay of salaries Particulars Gross Salaries Less: fedral income Taxes FICA Taxes Net Pay Amount(s) Amount(s) $ 1,200 216 92 S 308 $ 892 Credit Debit 1,200 $ Account titles and Explanation Salaries Expenses Fedral Income tax withholding payable FICA Taxes payable Salaries Payable $ 216 92 S 892 892 Salaries Payable Cash $ 892