Question

The payroll register for Gamble Company for the week ended April 29 indicated the following:

Salaries	$1,440,000
Social security tax withheld	86,400
Medicare tax withheld	21,600
Federal income tax withheld	288,000

In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries.

	Required:
A.	Journalize the entry to record the payroll for the week of April 29.*
B.	Journalize the entry to record the payroll tax expense incurred for the week of April 29.* *Refer to the Chart of Accounts for exact wording of account titles. A. Journalize the entry to record the payroll for the week of April 29.* B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.* *Refer to the Chart of Accounts for exact wording of account titles. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Text entry invalid 2 3 4 5 6 7 8 9 10

Answer 1

Solution: Journalize the entry record to pay voll for the week the of April 29: Date Description credit Debit post-Ref. April 29 Salavies expense Ak To Social Security Tax payoble To Medicare Tax payable TO Employees Fedeval intom e Tax poyable To Salavies payable (balantng DY $1440000 $ 86400 $ 21600 $ 288000 $ 1044000 woYking Note:- Computation of Salavies payable Particolavs Salavies et pense Amount $ 1440000 ) Social Secority tax payable 4) Medicare Tax payable $[86400] 9 Employees Fedeval income Tax payable Salavies payable. $1044000

Journa lize the entry to record the payvdl tax ex pense intorred for the of April 29: week Date Description Post Ref. Debit credit April 29 pay roll Tax expense Alc To Soial Secority Tax payable To Medicare Gax payable. $122 640 Dr $ 86 400 $ 21600 10 State onemploy ment Tax peyable $ 13176 inemployment Tax payeble To Federal $ 1464 Working Note: com potation of State unemplogment Tay payable : =%$244000 X 5.4%. - $ 13176 computation of Federal unemployment Tax payable: = 1 244000 X 0.610 = $1464
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