Math  /  Numbers & Operations

QuestionJournalize period payroll The payroll register of Heritage Co. indicates $4,800\$ 4,800 of social security withheld and $1,200\$ 1,200 of Medicare tax withheld on total salaries of $80,000\$ 80,000 for the period. Federal withholding for the period totaled $17,540\$ 17,540. Retirement savings withheld from employee paychecks were $3,200\$ 3,200 for the period.
Journalize the entry to record the period's payroll. If an amount box does not require an entry, leave it blank. \square \square \square \square \square \square \square \square \square \square \square \square \square \square \square \square \square \square

Studdy Solution
Journalize the payroll entry:
Account TitleDebitCreditSalaries Expense$80,000Social Security Tax Payable$4,800Medicare Tax Payable$1,200Federal Income Tax Payable$17,540Retirement Savings Payable$3,200Cash$53,260\begin{array}{c|c|c} \text{Account Title} & \text{Debit} & \text{Credit} \\ \hline \text{Salaries Expense} & \$80,000 & \\ \text{Social Security Tax Payable} & & \$4,800 \\ \text{Medicare Tax Payable} & & \$1,200 \\ \text{Federal Income Tax Payable} & & \$17,540 \\ \text{Retirement Savings Payable} & & \$3,200 \\ \text{Cash} & & \$53,260 \\ \end{array}
The journal entry records the gross salaries, deductions, and net pay for the period.

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