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According to the accountant of Skysong, Inc., its payroll taxes for the week were as follows: $139.00 for FICA taxes, $19.50 for federal unemployment taxes, and $99.00 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 10.50.)

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Answer:

the journal record to accrual of payroll taxes:

Dr FICA tax expense 139.00

Dr Federal unemployment tax expense 19.50

Dr State unemployment tax expense 99.00

    Cr FICA tax payable 139.00

    Cr Federal unemployment tax payable 19.50

    Cr State unemployment tax payable 99.00

Accrual accounting states that costs must be recorded during the periods that they actually occur, not necessarily when they are paid for. In this case, the company owes the payroll taxes since it hasn't paid them yet, but must record the expense during the month that they occurred.

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