The following monthly data are taken from Ramirez Company at July 31: Sales sala
ID: 2447141 • Letter: T
Question
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $300,000; Office salaries, $60,000; Federal income taxes withheld, $90,000; State income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums, $7,000; Life insurance premiums, $4,000; Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. The employee pays forty percent of medical and life insurance premiums.
Prepare journal entries to record cash payment of all liabilities related to the July payroll.
Prepare journal entries to record cash payment of all liabilities related to the July payroll.
Explanation / Answer
The following monthly data are taken from Ramirez Company at July 31: Sales sala
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