Question

Bridgeport Corporation's weekly payroll of $16,000 included FICA taxes withheld of $1,224, federal taxes withheld of $3,250, state taxes withheld of $860, and insurance premiums withheld of $240. Prepare the journal entry to record Bridgeport's payroll. 5 entries for accounts and debits/credits.

Answer 1

The following 5 entries shall be booked in Accounts of Bridgeport Corporation for the purpose of weekly Payroll:

Step-by-step explanation:

Debit Credit

payroll expense $16000

FICA tax withheld payable $1224

Federal taxes withheld payable $3250

State taxes withheld payable $860

Insurance Premiums payable $240

Salaries payable to employees $10426

(16000-1224-3250-860-240)