Question
In: Accounting
The following totals for the month of April were taken from the payroll records of Oriole Company.
The following totals for the month of April were taken from the payroll records of Oriole Company.
Salaries $134400
FICA taxes withheld 10280
Income taxes withheld 28000
Medical insurance deductions 5000
Federal unemployment taxes 360
State unemployment taxes 2420
The entry to record the accrual of federal unemployment tax would include a
credit to Federal Unemployment Taxes Payable for $360.
debit to Federal Unemployment Taxes Payable for $360.
debit to Federal Unemployment Taxes Expense for $360.
credit to Payroll Tax Expense for $360.
Solutions
Expert Solution
| Particulars | Debit | Credit |
| payroll tax expense A/C | 360 | |
| To federal unemployment taxes payable a/c | 360 |
As we have to pay tax to the govt we are crediting the federal unemployment taxes so,that it will become a liability to company.
ekkarill92 answered 2 years agoRelated Solutions
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1. The following totals for the month of April were taken from
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Salaries
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FICA taxes withheld
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Income taxes withheld
23800
Medical insurance deductions
4300
Federal unemployment taxes
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State unemployment taxes
5400
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a
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d. debit to...
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FICA taxes withheld
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Income taxes withheld
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Medical insurance deductions
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Federal unemployment taxes
32
State unemployment taxes
216
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Raw Materials Inventory 7/1/19
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Factory Insurance
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Factory Machinery Depreciation
17,000
Finished Goods Inventory 7/1/19
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Factory Utilities
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Office Utilities Expense
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Work in Process Inventory 7/1/19
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Sales Revenue
561,300
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Period 1 Period
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27,000
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27,000
38,000
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All the above in
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4,200
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10,500
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5,000
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