Problem regarding the payroll data


Question: Matte Media Networks has the following payroll data for its July 7 pay date: Date Account Title Account Number Debit Credit July 7 Wages and salaries expense 522 $ 3,175,038.50 Federal withholding tax payable 220 $ question mark Social Security tax payable 221 148,221.14 Medicare tax payable 222 34,664.62 401(k) contributions payable 223 127,001.54 Health Insurance payable 224 784,375.00 Union Dues payable 227 31,750.39 Wages and salaries payable 226 1,728,772.20 July 7 Wages and salaries payable 226 1,728,772.20 Cash 101 1,728,772.20

 

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Accounting Basics: Problem regarding the payroll data
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