Lexington Corporation’s weekly payroll of $27,900 included FICA taxes withheld o
ID: 2478371 • Letter: L
Question
Lexington Corporation’s weekly payroll of $27,900 included FICA taxes withheld of $2,080, federal taxes withheld of $3,000, state taxes withheld of $1,030, and insurance premiums withheld of $380. Prepare the journal entry to record Lexington’s payroll.
*Note there are a only 5 spaces for journal entries. 1 Debit and 4 remining Credits.* I've seen similiar answers to same question different #s with more than 5 journal entries which exceeds the limit on my question. Please take that into consideration when attempting to answer
Thank you!
Explanation / Answer
payroll expense 27900 To FICA withheld 2080 To federal tax withheld 3000 To state tax withheld 1030 To insurance premium withheld 380 To payroll payable 21410