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    browny2012's Avatar
    browny2012 Posts: 2, Reputation: 1
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    #1

    Mar 29, 2012, 12:52 PM
    Help with Journal entry
    The payroll summary for the monthly paid employees is submitted so that December checks can be distributed before year end:

    Office and Admin salaries----------------$40900
    FICA Taxes withheld-----------------------$2120
    Federal Withholding taxes withheld ------$7696
    State Withholding Taxes withheld---------$1517

    Net pay-----------------------------------$29567

    Below is the entry I made but my instructor said the amount is incorrect. Please help:

    31-Dec Salaries and Wages Expense 11,333.00
    FICA Taxes Payable 2,120.00
    Federal Withholding taxes payable 7,696.00
    State Withholding Taxes Payable 1,517.00
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Mar 30, 2012, 11:21 PM
    The expenses account will carry the full amount of the salaries and the net pay will be credited to the cash account
    louis20381's Avatar
    louis20381 Posts: 1, Reputation: 1
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    #3

    Mar 31, 2012, 01:44 AM
    Dec.31
    Salaries and Wages expense 40,900
    Fica taxes Payable 2,120
    Federal Withholding taxes Payable 7,696
    State Withholding Taxes Payable 1,517
    Cash 29,567


    Louis huang
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #4

    Mar 31, 2012, 06:00 PM
    Sometmes they have to work it out for themselves
    browny2012's Avatar
    browny2012 Posts: 2, Reputation: 1
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    #5

    Apr 1, 2012, 08:33 PM
    Thanks a lot!!
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #6

    Apr 1, 2012, 10:13 PM
    Well how hard can it be
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