Ask Question
5 July, 01:06

Journalize Period Payroll The payroll register of Chen Heritage Co. indicates $3,000 of social security withheld and $750 of Medicare tax withheld on total salaries of $50,000 for the period. Federal withholding for the period totaled $9,000. Retirement savings withheld from employee paychecks were $2,550 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

+1
Answers (1)
  1. 5 July, 03:28
    0
    Following are the journal entries recorded for the payroll of current time period;

    Debt: Salary Expense = $50,000

    Credit: Tax Payable by Medicare = $750

    Credit: Deduction Payable For Employee Saving = $2,550

    Credit: Income Tax payable for Federal Employees = $9,000

    Credit: Tax payable for Social Security = $3,000

    Credit: Salaries payable to Employees = $34,700
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Journalize Period Payroll The payroll register of Chen Heritage Co. indicates $3,000 of social security withheld and $750 of Medicare tax ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers