Coronado Corporation’s weekly payroll of $22,000 included FICA taxes withheld of

Question

Coronado Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal taxes withheld of $3,060, state taxes withheld of $1,000, and insurance premiums withheld of $270. Prepare the journal entry to record Coronado’s payroll. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Account title Debit Credit Payroll expenses $ 22,000 FICA Taxes payable $    1,683 Federal Taxes payable $    3,060 State Taxes payable $    1,000 Insurance Premium payable $        270 Payroll Payable (bal. fig) $ 15,987 (To record payroll expenses) Payroll Payable   $ 15,987 Cash $ 15,987 To record payment of payroll)

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