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Prepare a summary journal entry at december 31

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Reference no: EM131129268

For the year ended December 31, 2010, Blasing Electrical Repair Company reports the following summary payroll data.

Blasing Company's payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $485,000, and gross earnings subject to unemployment taxes total $135,000.

Instructions

(a) Prepare a summary journal entry at December 31 for the full year's payroll.

(b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes.

(c) The W-2 Wage and Tax Statement requires the following dollardata.

Reference no: EM131129268

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