Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,800. 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 $450, state income tax of $95, 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 fill in the blank ae540107305b069_2fill in the blank ae540107305b069_3 fill in the blank ae540107305b069_5fill in the blank ae540107305b069_6 fill in the blank ae540107305b069_8fill in the blank ae540107305b069_9 fill in the blank ae540107305b069_11fill in the blank ae540107305b069_12 fill in the blank ae540107305b069_14fill in the blank ae540107305b069_15 fill in the blank ae540107305b069_17fill in the blank ae540107305b069_18 fill in the blank ae540107305b069_20fill in the blank ae540107305b069_21 fill in the blank ae540107305b069_23fill in the blank ae540107305b069_24B. 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 fill in the blank 849e0eff8057fab_2fill in the blank 849e0eff8057fab_3 fill in the blank 849e0eff8057fab_5fill in the blank 849e0eff8057fab_6 Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $6,800. 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 $450, state income tax of $95, 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 anamount box 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

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: Toren Inc. employs one person to run…

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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Question

Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,800. 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 $450, state income tax of $95, 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	fill in the blank ae540107305b069_2	fill in the blank ae540107305b069_3
	fill in the blank ae540107305b069_5	fill in the blank ae540107305b069_6
	fill in the blank ae540107305b069_8	fill in the blank ae540107305b069_9
	fill in the blank ae540107305b069_11	fill in the blank ae540107305b069_12
	fill in the blank ae540107305b069_14	fill in the blank ae540107305b069_15
	fill in the blank ae540107305b069_17	fill in the blank ae540107305b069_18
	fill in the blank ae540107305b069_20	fill in the blank ae540107305b069_21
	fill in the blank ae540107305b069_23	fill in the blank ae540107305b069_24

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		fill in the blank 849e0eff8057fab_2	fill in the blank 849e0eff8057fab_3
		fill in the blank 849e0eff8057fab_5	fill in the blank 849e0eff8057fab_6

Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $6,800. 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 $450, state income tax of $95, 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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