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Help with Journal entry

Asked Mar 29, 2012, 12:52 PM — 5 Answers
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

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5 Answers
paraclete's Avatar
paraclete Posts: 1,879, Reputation: 585
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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
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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
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paraclete's Avatar
paraclete Posts: 1,879, Reputation: 585
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#4

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

Apr 1, 2012, 08:33 PM
Thanks a lot!!!
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paraclete's Avatar
paraclete Posts: 1,879, Reputation: 585
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#6

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