2) Lightning Electronics is a midsize manufacturer of lithium batteries. The...
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Accounting
2)
Lightning Electronics is a midsize manufacturer of lithium batteries. The companys payroll records for the November 114 pay period show that employees earned wages totaling $57,000 but that employee income taxes totaling $8,400 and FICA taxes totaling $2,975 were withheld from this amount. The net pay was directly deposited into the employees bank accounts. Assume Lightning Electronics must also pay $320 of unemployment taxes for this pay period.
Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes.
Transaction
General Journal
Debit
Credit
1
2
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