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Help b Look-Up Classes to Add: Chrome File Edit View History People.. Window That Sound?: W. W N: x Y Chapter 1 × Flaading & Listening -) c o erto.mh education. corn hrn tpx?0.55938881767054 12, 1511222058846 Apps ÷PSU login Netftx h Coagulation Cascade D Blood LSBlog asn' e Tylenol Scholarship. Scribe Pay manufacturer of lithium betteries. The company's payroll records for the Lightning Electronics is a midsize November 1-14 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7,000 and FICA taxes totaling $2,625 were withheld frorm this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics must also pay $250 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. of no antry ls required fors transactionlevoint, sollect No journal entry required In the first account field.) View transaction list Journal entry worksheet Record the wages expense for November 1-14 time period, including payroll deductions. Note: Enter debits before credits Debit : 80

Explanation / Answer

First Question

JOURNAL

Transaction

General Journal

Debit

Credit

1

Salary expense

50000

       Income taxes payable

7000

       FICA taxes payable

2625

       Cash

40375

2

Payroll Taxes Expense

2875

       FICA taxes payable

2625

       Unemployment taxes payable

250

JOURNAL

Transaction

General Journal

Debit

Credit

1

Salary expense

50000

       Income taxes payable

7000

       FICA taxes payable

2625

       Cash

40375

2

Payroll Taxes Expense

2875

       FICA taxes payable

2625

       Unemployment taxes payable

250

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