A company's payroll information for the month of May follows:
Administrative salaries $2,000 - Sales salaries 3,500 - Shop wages 4,000 - FICA Social Security withheld 300 - FICA Medicare taxes withheld 400 Federal income taxes withheld 1,300 - Medical insurance premiums withheld 415 - Union dues withheld 205
On May 31 the company issued Check No. 335 payable to the Payroll Bank Account for the May payroll. It issued payroll checks to the employees after depositing the check.
Prepare the journal entry to record (accrue) the employer's payroll for May (salary expense).
Recently Asked Questions
- All of the stock of P Corporation is owned by two individuals , J and K . P owns all of the stock of Q that it acquired by purchase 10 years ago . P
- Network Corporation is a publicly traded corporation with its stock widely held . It owns all of the stock of Cable Corporation . Both corporations have
- The default rate on BBB rated bonds ten years after the issue is :