Toshlin issues financial statements on June 30.If payroll was $30,000 through June 30th and wages were to be paid on July 5,what is the correct journal entry on June 30? Assume FIT = 15%,FICA = 8%,SUTA = 6%,FUTA = 1%,

A)No entry is required.
B)Payroll 30,000 Wages Payable 30,000

C)Payroll 30,000 Federal Income Tax 4,500
FICA Taxes Payable 2,400
Wages Payable 23,100

D)Payroll 30,000 Federal Income Tax 4,500
FICA Taxes Payable 2,400
SUTA 1,800
FUTA 300
Wages Payable 21,000

Question

Toshlin issues financial statements on June 30.If payroll was $30,000 through June 30th and wages were to be paid on July 5,what is the correct journal entry on June 30? Assume FIT = 15%,FICA = 8%,SUTA = 6%,FUTA = 1%,
​
A)No entry is required.​
B)Payroll 30,000 Wages Payable 30,000
​
C)Payroll 30,000 Federal Income Tax 4,500
FICA Taxes Payable 2,400
Wages Payable 23,100
​
D)Payroll 30,000 Federal Income Tax 4,500
FICA Taxes Payable 2,400
SUTA 1,800
FUTA 300
Wages Payable 21,000

Quizplus · Accepted Answer

The Answer of Toshlin issues financial statements on June 30.If payroll was $30,000 through June 30th and wages were to be paid on July 5,what is the correct journal entry on June 30? Assume FIT = 15%,FICA = 8%,SUTA = 6%,FUTA = 1%,
​
A)No entry is required.​
B)Payroll 30,000 Wages Payable 30,000
​
C)Payroll 30,000 Federal Income Tax 4,500
FICA Taxes Payable 2,400
Wages Payable 23,100
​
D)Payroll 30,000 Federal Income Tax 4,500
FICA Taxes Payable 2,400
SUTA 1,800
FUTA 300
Wages Payable 21,000

Toshlin Issues Financial Statements on June 30