Business, 15.04.2020 23:53 reemoe

Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay period show that employees earned wages totaling $62,000 but that employee income taxes totaling $9,400 and FICA taxes totaling $3,225 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts. Assume Lightning Electronics must also pay $370 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records...

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