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In: Accounting

Paul Company completed the salary and wage payroll for the month of March. The payroll provided...

Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details:

Salaries and wages earned by employees $ 209,000
Employee income taxes withheld 41,800
Employee government insurance premiums withheld 5,000
FICA payroll taxes* 15,400

*Assessed on both employer and employee (i.e., $15,400 each).

Required:

1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to transfer any withholdings to the government.

2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government.

3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies.

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Expert Solution

ekkarill92 answered 2 years ago
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