Problem -
The payroll of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Federal withholding for the period totaled $43,560.
On December 31, provide the journal entry for the period's payroll. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS Konrath Co. General Ledger
ASSETS
- 110Cash
- 111Accounts Receivable
- 112Interest Receivable
- 113Notes Receivable
- 115Merchandise Inventory
- 116Supplies
- 118Prepaid Insurance
- 120Land
- 123Building
- 124Accumulated Depreciation-Building
- 125Office Equipment
- 126Accumulated Depreciation-Office Equipment
LIABILITIES
- 210Accounts Payable
- 213Interest Payable
- 214Notes Payable
- 215Salaries Payable
- 216Social Security Tax Payable
- 217Medicare Tax Payable
- 218Employees Federal Income Tax Payable
- 219Employees State Income Tax Payable
- 221Retirement Savings Deductions Payable
- 224Federal Unemployment Tax Payable
- 225State Unemployment Tax Payable
- 226Vacation Pay Payable
- 227Unfunded Pension Liability
- 228Product Warranty Payable
EQUITY
- 310Owner, Capital
- 311Owner, Drawing
- 312Income Summary
REVENUE
- 410Sales
- 610Interest Revenue
EXPENSES
- 510Cost of Merchandise Sold
- 520Salaries Expense
- 524Depreciation Expense-Building
- 525Delivery Expense
- 526Repairs Expense
- 529Selling Expenses
- 531Rent Expense
- 532Depreciation Expense-Office Equipment
- 533Insurance Expense
- 534Supplies Expense
- 535Payroll Tax Expense
- 536Vacation Pay Expense
- 537Pension Expense
- 538Cash Short and Over
- 539Product Warranty Expense
- 540Miscellaneous Expense
- 710Interest Expense