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On January 15, the end of the first pay period of the year, North Company's employees earned $40,000 of sales salaries.
Posted: Sat Mar 19, 2022 5:43 pm
by answerhappygod
- On January 15 The End Of The First Pay Period Of The Year North Company S Employees Earned 40 000 Of Sales Salaries 1 (33.74 KiB) Viewed 59 times
On January 15, the end of the first pay period of the year, North
Company's employees earned $40,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $3,100 of federal income taxes, $593 of medical insurance deductions, and $230 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North
Company's January 15 salaries expense and related liabilities. View transaction list Journal entry worksheet 1 > Record the employee payroll for period. Note: Enter debits before credits. Credit Date Jan 15 General Journal Salaries expense Debit 40,000 Record entry Clear entry View general journal