28. Sweetman's Recording Studio payroll records show the following information: Cumulative Earnings Weekly Colina Salary Before Payroll D. Gordon $20,000 1,000 Assume the following: a) FICA: OASDI, 6.2% on a limit of $102,000; Medicare, 1.45% b) Each employee contributes $40 per week for union dues c) State income tax is 5% of gross pay d) Federal income tax is 20% of gross pay Prepare a general journal payroll entry. ANSWER: Account Title and Description DEBIT Salaries Expense FICA-OASDI Payable FICA-Medicare Payable Federal Inc. Tax Payable State Inc. Tax Payable Union Dues Payable Salaries and Wages Payable General Journal Post Ref. CREDIT

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
28. Sweetman's Recording Studio payroll records show the following information:
Cumulative Earnings
Weekly
na
Salary
Before Payroll
$20,000
D. Gordon
1,000
Assume the following:
a) FICA: OASDI, 6.2% on a limit of $102,000; Medicare, 1.45%
b) Each employee contributes $40 per week for union dues
c) State income tax is 5% of gross pay
d) Federal income tax is 20% of gross pay
Prepare a general journal payroll entry.
ANSWER:
Account Title and Description
DEBIT
Salaries Expense
FICA-OASDI Payable
FICA-Medicare Payable
Federal Inc. Tax Payable
State Inc. Tax Payable
Union Dues Payable
Salaries and Wages Payable
General Journal
Post
Ref.
CREDIT
Transcribed Image Text:28. Sweetman's Recording Studio payroll records show the following information: Cumulative Earnings Weekly na Salary Before Payroll $20,000 D. Gordon 1,000 Assume the following: a) FICA: OASDI, 6.2% on a limit of $102,000; Medicare, 1.45% b) Each employee contributes $40 per week for union dues c) State income tax is 5% of gross pay d) Federal income tax is 20% of gross pay Prepare a general journal payroll entry. ANSWER: Account Title and Description DEBIT Salaries Expense FICA-OASDI Payable FICA-Medicare Payable Federal Inc. Tax Payable State Inc. Tax Payable Union Dues Payable Salaries and Wages Payable General Journal Post Ref. CREDIT
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Payroll register
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education