Problem 1 (18 points) Elk Company completed the salary and wage payroll for the month...
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Accounting
Problem 1 (18 points) Elk Company completed the salary and wage payroll for the month ended October 31, 2018. The payroll provided the following details Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes (same amount for employees and employer) $209,000 41,800 4,000 16,300 Prepare the journal entry to record the payroll for October, including employee deductions. Assume employees are paid on October 31, but that Elk has yet to transfer any withholdings to the government. Also, prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. Elk has already met the FUTA requirement for the year and doesn't pay any share of the insurance. Date Account Titles Debit Credit Finally, show the payment ofall amounts owed to governmental agencies on November 2. Date Account Titles Debit Credit
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