Date: Dec. 9, 2023
Debit: Employee Salary Expense $465,000
Payroll Taxes Payable $86,000
Credit: Salaries Payable $379,000
Explanation: This entry records employee salary expense, payroll taxes payable, and salaries payable for accurate accounting.
Journal Entry
Date: December 9, 2023
Debit:
Employee Salary Expense $46,586.00
Credit:
Salaries Payable $46,586.00
Record the employee salary expense, withholdings, and salaries payable.
Step-by-step explanation:
This journal entry records the expense for the employer portion of health insurance, which is $87,000.
The expense is debited to Employee Salary Expense and credited to Salaries Payable.
Salaries Payable is a liability account that represents the amount of salaries that the company owes to its employees.
Journal Entry
Date: December 9, 2023
Debit:
Payroll Tax Expense $16,830.00
FICA Taxes Payable $16,830.00
Step-by-step explanation:
This journal entry records the expense for payroll taxes, which is $16,830.
The expense is debited to Payroll Tax Expense and credited to FICA Taxes Payable.
FICA Taxes Payable is a liability account that represents the amount of payroll taxes that the company owes to the government.
Journal Entry
Date: December 9, 2023
Debit:
Income Tax Expense $14,574.00
State Income Tax Payable $7,287.00
Federal Income Tax Payable $7,287.00
Step-by-step explanation:
This journal entry records the expense for income taxes, which is $14,574.
The expense is debited to Income Tax Expense and credited to State Income Tax Payable and Federal Income Tax Payable.
State Income Tax Payable and Federal Income Tax Payable are liability accounts that represent the amount of income taxes that the company owes to the state and federal governments, respectively.