Individual Assignment week 3

Accounting 291

E10-6 According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:

for FICA taxes, for federal unemployment taxes, and for state unemployment taxes.

Instructions

Journalize the entry to record the accrual of the payroll taxes.

Solution:

Payroll Tax Expense ...................................................

FICA Taxes Payable ..............................................

Federal Unemployment Taxes Payable...............

State Unemployment Taxes Payable...................

E10-8 Jim Thome has prepared the following list of statements about bonds.

1. Bonds are a form of interest-bearing notes payable.

2. When seeking long-term...