Level 11
10-18-2023
05:44 PM
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someone else can chime in but from a general journal entry (assuming a single payroll for the entire year to make the example simple)..
- Debit Wage Expense $ 93,000
- Credit 401K Withheld 8,000
- Credit Federal withheld, FICA withheld state, withheld, etc for whatever they are
- Credit cash for the Net
The trial balance, (and Income statement) will show a balance of $ 93,000 (pretend only one employee) so I think the amount to be shown for sharehold wages is 93,000