Reference no: EM131596977

Problem -

The payroll of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Federal withholding for the period totaled $43,560.

On December 31, provide the journal entry for the period's payroll. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS Konrath Co. General Ledger

ASSETS

• 110Cash
• 111Accounts Receivable
• 112Interest Receivable
• 113Notes Receivable
• 115Merchandise Inventory
• 116Supplies
• 118Prepaid Insurance
• 120Land
• 123Building
• 124Accumulated Depreciation-Building
• 125Office Equipment
• 126Accumulated Depreciation-Office Equipment

LIABILITIES

• 210Accounts Payable
• 213Interest Payable
• 214Notes Payable
• 215Salaries Payable
• 216Social Security Tax Payable
• 217Medicare Tax Payable
• 218Employees Federal Income Tax Payable
• 219Employees State Income Tax Payable
• 221Retirement Savings Deductions Payable
• 224Federal Unemployment Tax Payable
• 225State Unemployment Tax Payable
• 226Vacation Pay Payable
• 227Unfunded Pension Liability
• 228Product Warranty Payable

EQUITY

• 310Owner, Capital
• 311Owner, Drawing
• 312Income Summary

REVENUE

• 410Sales
• 610Interest Revenue

EXPENSES

• 510Cost of Merchandise Sold
• 520Salaries Expense
• 524Depreciation Expense-Building
• 525Delivery Expense
• 526Repairs Expense
• 529Selling Expenses
• 531Rent Expense
• 532Depreciation Expense-Office Equipment
• 533Insurance Expense
• 534Supplies Expense
• 535Payroll Tax Expense
• 536Vacation Pay Expense
• 537Pension Expense
• 538Cash Short and Over
• 539Product Warranty Expense
• 540Miscellaneous Expense
• 710Interest Expense