WileyPLUSe l Contact UsILog Out Kimmel, Financial Accounting, 8e FINANCIAL ACCT

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WileyPLUSe l Contact UsILog Out Kimmel, Financial Accounting, 8e FINANCIAL ACCT (ACCT 2121) ctice Assignment Gradebook ORION Downloadable eTextbook ment Brief Exercise 10-6 Betsy Strand's regular hourly wage rate is $26, and she receives an hourly rate of $39 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $91, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Betsy's pay for the period and (b) the payment of Betsy's wages. Use January 15 for the end of the pay perlod and the payment date. (Round answers to 2 decimal places, e.g. is.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation (a) Jan. 15 Salaries and Wages Expense Income Taxes Payable FICA Taxes Payable Payroll Tax Expense (b) Jan. 15 INTERACTIVE TUTORIAL LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your Instructor. Version 4.24.2 All Rights Reserved. A Division of John Wiley &Sons.Ins; Policy 1

Explanation / Answer

No. Date Account Head & Description Debit Amount Credit Amount (a) Jan. 15 Salaries and wages expense ((26*40)+(39*7)) 1313 Federal income taxes payable 91 FICA taxes payable (1313*7.65%)                  100.44 Salaries and wages payable              1,121.56 (to record the salaries & wages expense) (b) Jan. 15 Salaries and wages payable             1,121.56 Cash              1,121.56 (to record the salaries & wages payment

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