Toshlin issues financial statements on June 30. If payroll was $30,000 through June 30th and wages were to be paid on July 5. What is the correct journal entry on June 30? Assume FIT = 15%, FICA = 8%, SUTA = 6%, FUTA = 1%,

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Hassan

Business

22 January, 05:24

Toshlin issues financial statements on June 30. If payroll was $30,000 through June 30th and wages were to be paid on July 5. What is the correct journal entry on June 30? Assume FIT = 15%, FICA = 8%, SUTA = 6%, FUTA = 1%,

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Conway · Answer 1

a. No entry is required.

b. Payroll Dr. $30,000

Wages Payable Cr. $30,000

c. Payroll Dr. $30,000

Federal Income Tax Cr. $4,500

FICA Taxes Payable Cr. $2,400

Wages Payable Cr. $23,100

d. Payroll Dr. $30,000

Federal Income Tax Cr. $4,500

FICA Taxes Payable Cr. $2,400

SUTA Cr. $1,800

FUTA Cr. $300

Wages Payable Cr. $21,000