Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $8,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $440, state income tax of $80, health-care insurance premium of $210, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.May 31 B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.June 1 Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $8,000. Payroll for the month of May is asfollows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $440, state income tax of $80, health-care insurance premium of$210, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amountbox does not require an entry, leave it blank.May 31B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry,leave it blank.June 1

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Answered: Record the journal entry to recognize…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $8,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $440, state income tax of $80, health-care insurance premium of $210, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.

A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.

May 31

B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.

June 1

Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $8,000. Payroll for the month of May is as
follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $440, state income tax of $80, health-care insurance premium of
$210, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.
A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount
box does not require an entry, leave it blank.
May 31
B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry,
leave it blank.
June 1

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