After the JPR Corporation paid its employees on May 15, 2019, and recorded the corporation's share...

After the JPR Corporation paid its employees on May 15, 2019, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $1920 in the Social Security tax Payable account, a balance of $394 in the Medicare tax Payable account, and a balance of $2200 in the Employee Income Tax Payable account. On May 16, 2019, the business issued a check to deposit the taxes owed in the local bank.

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Solution:

Journal entries:

Date	Account Title	Debit	Credit
16 may	Social security tax payable	1,920
	Medicare tax payable	394
	Employee income tax payable	2,200
	Bank / cash		4,514

ekkarill92 answered 1 year ago

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