After the Yukon Corporation paid its employees on May 15, 20X1, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $1,920 in the Social Security Tax Payable account, a balance of $394 in the Medicare Tax Payable account, and a balance of $2,200 in the Employee Income Tax Payable account. On May 16, 20X1, the business issued a check to deposit the taxes owed in the local bank. Record this transaction in a general journal form. View transaction list Journal entry worksheet < 1 Record payroll taxes paid. Note: Enter debits before credits. Date May 16, 20X1 General Journal Debit Credit

After the Yukon Corporation paid its employees on May 15, 20X1, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $1,920 in the Social Security Tax Payable account, a balance of $394 in the Medicare Tax Payable account, and a balance of $2,200 in the Employee Income Tax Payable account. On May 16, 20X1, the business issued a check to deposit the taxes owed in the local bank. Record this transaction in a general journal form. View transaction list Journal entry worksheet < 1 Record payroll taxes paid. Note: Enter debits before credits. Date May 16, 20X1 General Journal Debit Credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 1E

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