The Following Data Were Provided by the Detailed Payroll Records

question 139

Essay

The following data were provided by the detailed payroll records of Journey Corporation for the month of March 20X0: $$\begin{array} { | l | r | } \hline \text { Salaries } & \$ 20,000 \\\hline \text { Wages } & 15,000 \\\hline \text { Income taxes withheld } & 7,350 \\\hline \text { Union dues } & 175 \\\hline\end{array}$$ Income taxes at an average 7.65% rate (no employee has reached the maximum) Required:
1. Give the March 31, 20X0 entry to record the payroll and related employee deductions.
2. Give the March 31, 20X0 entry to record the employer's payroll income tax expense.

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Definitions:

Souvenirs

Items purchased or acquired during a trip or at an event to serve as a reminder or for personal keepsake.

Product Availability

The extent to which goods are in stock and ready for purchase by customers.

Supply Chain

The network between a company and its suppliers to produce and distribute a specific product to the final buyer, encompassing all stages of processing and shipping.

Inventories

Stocks of goods and materials that a company holds for the purpose of resale or production.