EAlgo Recording Payroll Costs LO
Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details:
Salaries and wages earned by employees
Employee income taxes withheld
Employee government insurance premiums withheld
FICA payroll taxes
Assessed on both employer and employee ie $ each
$
Required:
Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government.
Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government.
Provide a combined journal entry to show the payment of all amounts owed to governmental agencies.
Note: For all requirements, if no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entry worksheet
Record the payroll for March, including employee deductions.
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditMarch
