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Sheffield Corporation’s weekly payroll of $28,000 included FICA taxes withheld of $2,142, federal taxes withheld of $3,130, state taxes withheld of $930, and insurance premiums withheld of $270. Prepare the journal entry to record Sheffield’s payroll.

Respuesta :

hyderali230

Answer:

Journal entry to record Sheffield’s payroll

                                                                Dr.             Cr.

Payroll Expense                                     $28,000

Wages and Salaries Payable / Cash                     $21,528

FICA taxes withheld payable                                $2142

Federal taxes withheld payable                            $3,130

State taxes withheld payable                                $930

Insurance premiums withheld payable                $270

All the taxes will be transferred to the tax payable accounts with their respective names and the amount net of tax will be transferred to wages and salaries payable and total amount will be Expensed.

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