Question

The payroll register of Heritage Co. indicates $13,800 of social security withheld and $3,450 of Medicare tax withheld on total salaries of $230,000 for the period. Federal withholding for the period totaled $43,520. Retirement savings withheld from employee paychecks were $2,980 for the period.

Journalize the entry to record the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles.

On December 31, journalize the entry to record the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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Answer 1

Date	Accounts Titles and Explanations	Debit (in $)	Credit (in $)
December - 31	Salaries Expense	$ 230,000
	Social Security Tax Payable		$ 13,800
	Medicare Tax Payable		$ 3,450
	Employees Federal Income Tax Payable		$ 43,520
	Retirement Savings Deductions Payable		$ 2,980
	Salaries Payable		$ 166,250
	(To record the period’s payroll )

answered by: anonymous