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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 35
Recording deposit of social security, Medicare, and income taxes.
After Beam Corporation paid its employees on July 15, 2013, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $19,700 in the Social Security Tax Payable account, a balance of $4,196 in the Medicare Tax Payable account, and a balance of $18,260 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form. Use 24 as the page number for the general journal.
After Beam Corporation paid its employees on July 15, 2013, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $19,700 in the Social Security Tax Payable account, a balance of $4,196 in the Medicare Tax Payable account, and a balance of $18,260 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form. Use 24 as the page number for the general journal.
Explanation
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The journal entry to record th...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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