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The payroll reaister for Gamble Company for the week ended April 29 indicated the followingSalaries $1,250,000 Social security tax withheld 75,000 Medicare tax withheld 18,750 Federal income tax withheld 250,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $225,000 of salaries. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of April 29.

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Answer:

The journal entry is as follows:

On April 29,

Salaries A/c     Dr. $1,250,000

To social security taxes payable                75,000

To medicare taxes payable                         18,750

To Federal withholding taxes payable       250,000

To salaries payable                                      906,250

(To record the payroll for the week)

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