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21 June, 21:38

Journalize Period Payroll The payroll register of Chen Heritage Co. indicates $3,000 of social security withheld and $750 of Medicare tax withheld on total salaries of $50,000 for the period. Federal withholding for the period totaled $9,000. Retirement savings withheld from employee paychecks were $2,550 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

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  1. 21 June, 21:45
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    Following are the journal entries recorded for the payroll of current time period;

    Debt: Salary Expense = $50,000

    Credit: Tax Payable by Medicare = $750

    Credit: Deduction Payable For Employee Saving = $2,550

    Credit: Income Tax payable for Federal Employees = $9,000

    Credit: Tax payable for Social Security = $3,000

    Credit: Salaries payable to Employees = $34,700
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