Prepare in Proper Form Journal Entries for the Following Transactions $\quad$

question 78

Essay

Prepare in proper form journal entries for the following transactions.Omit explanations.
October
2 $\quad$ Owner made a cash investment into the company $\$ 5,000$
8 $\quad$ Bought supplies on accosst $\$ 100$ .
10 $\quad$ Paid salaries, $\$ 700$
15 $\quad$ Paid for supplies purchased on October $8$
21 $\quad$ Received company telephone bill, to be paid later, $\$ 30$

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Definitions:

Payroll Tax Expense

Taxes that employers are required to pay based on the salary and wages paid to employees, including social security and Medicare taxes in the United States.

SUTA Payable

A liability account in the general ledger that records amounts owed to the state unemployment insurance program, to be paid by employers.

Social Security Tax

A payroll tax paid by employees and employers to fund the Social Security program, which provides retirement, disability, and survivorship benefits.

Time Card

A record of the hours worked by an employee, used to calculate payroll and ensure compliance with labor laws.