Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the chart of accounts for the exact wording of the account titles. KNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. KNOW journals will automatically indent a credit entry when a credit amount is entered): a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $31,000 is subject to unemployment compensation taxes.

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Tundexi Tundexi · Answer 1 · 2021-12-01T11:54:28+01:00

Here, we are to prepare the journal entry to record the payroll

Journal entry to record the payroll.

Date Account Title Debit Credit

Dec 30 Sales salaries expenses $350,000

Warehouse salaries expenses $182,000

Office salaries expenses $136,000

Employee income tax payable $117,000

Social security taxes payable $40,080

Medicare tax payable $10,020

Bonus Deduction payable $14,696

Group insurance payable $12,024

Salaries payable $474,180

Journal entry to record the employer's payroll taxes on the payroll.

Date Account Title Debit Credit

Dec 30 Payroll tax expenses $52,022

Social security taxes payable $40,080

Medicare tax payable $10,020

State Unemployment tax payable $1,674

(31,000*5.4%)

Federal Unemployment tax payable $248

(31,000*0.8%)

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