Question

56. The following totals come from a payroll register for May 3:

Gross Pay                             $213,093.00

Social Security Withheld         13,211.77

Medicare Withheld                     3,089.85

Federal Income Tax                  23,440.00

State Income Tax                        5,860.00

Medical Insurance                    20,000.00

Net Pay                                  $ 147,491.38

The payroll is for a two-week period. Give the accrual for payroll at April 30.

Answer 1

Based on the information available in the question, we can record the Accrual journal entry as follows:-

	Particulars	Amount	Amount
May 3	Wages & Salaries expense	213,093.00
	To Social Security Withholdings Payable		13,211.77
	To Medicare taxes withheld payable		3,089.85
	To Federal Income tax withholdings payable		23,440.00
	To State Income tax withholdings payable		5,860.00
	To Medical Insurance expense		20,000.00
	To Wages & Salaries Payable		147,491.38
	(To record the employee salaries and wages expense)

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