Deacon Company provides you with following information related to payroll transactions for the month of...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Deacon Company provides you with following information related to payroll transactions for the month of May. Prepare journal entries to record the transactions for May. Office Salaries $38,000 Sales Salaries Social Security Medicare Taxes Taxes $ 26,000 $3,968 Federal Income Taxes $928 $5,600 a. Recorded the May payroll using the payroll register information given above. b. Recorded the employer's payroll taxes resulting from the May payroll. The company had a merit rating that reduces its state unemployment tax rate to 3.5% of the first $7,000 paid each employee. Only $42,000 of the current months salaries are subject to unemployment taxes. The federal rate is 0.6% c. Recorded cash payment of salaries to employees on June 15h
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
