Question

Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal taxes withheld of $2,990, state taxes withheld of $920, and insurance premiums withheld of $250. Prepare the journal entry to record Lexington’s payroll. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answer 1

Answer:

Prepare the journal entry to record Lexington’s payroll

Explanation:

Dr Payroll Expense  24,000

Cr FICA Payable _________________1,836

Cr Fedral Tax Payable_____________2,990

Cr State Tax Payable______________920

Cr Insurance Premium Payable_______250

Bank___________________________18004