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Home > Business & Careers > Accounting   »   homework help

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Old Dec 21, 2005, 09:25 AM
pielcanela
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homework help
Can anyone help me out with this journal entry please..


Please calculate the proper amount for each adjusting entry as of 12/31/2005 and write the correct journal entry for each of the scenarios shown below for Smith and Waters, Inc.

Payroll pay period is calculated on a Thursday to Wednesday schedule and paid on the Friday. The final Wednesday is December 28 leaving 2 days unpaid. Total weekly salary is $50,000. Payroll taxes are 27.65% of the payroll paid


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Old Dec 21, 2005, 02:24 PM   #2  
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Dr. Salaries Expense 20,000 (50,000x2/5)
Cr. Salaries Payable 14,470 (20,000-5530)
Cr. Employee Tax Withheld 5,530 (.2765 x 20,000)
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Old Dec 21, 2005, 02:41 PM   #3  
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Thank you soooo much
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