Lightning Electronics is a midsize manufacturer of lithium batteries. The companys payroll records for the...
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Accounting
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 $55,000 but that employee income taxes totaling $8,000 and FICA taxes totaling $2,875 were withheld from this amount. The net pay was directly deposited into the employees bank accounts. Assume Lightning Electronics also must pay $300 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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