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  • Dec 21, 2005, 11:25 AM
    pielcanela
    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


    Thank you :confused:
  • Dec 21, 2005, 04:24 PM
    CaptainForest
    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)
  • Dec 21, 2005, 04:41 PM
    pielcanela
    Thank you soooo much :)

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