The following totals for the month of April were taken from the payroll records

Question

The following totals for the month of April were taken from the payroll records of Noll Company Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $120,000 9,180 25,000 4,500 320 2.160 The entry to record the payment of net payroll would include a O debit to Salaries and Wages Payable for $79.160 O debit to Salaries and Wages Payable for $81320. D debit to Salaries and Wages Payable for $72,140 O credit to Cash for $90.500.

Explanation / Answer

Journal entry for accrual of expense will be:

Journal for payment will be:

so answer is Debit salaries and wages payable $81,320

Salaries and wages expenses $ 120,000 Less: FICA Taxes withheld $    (9,180) Less: Income taxes withheld $ (25,000) Less: Medical insurance deductions $    (4,500) Salaries and wages payable $    81,320

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