On December 31, 2013, Elite Inc. has the following ledger balances: cash: $5,000, accounts receivable: $25,000, stock: $10,000, bank balance: $15,000, wages payable: $10,000, salaries: $20,000, bank loan: $40,000, equity capital: $150,000, interest, payable: $5,000, building: $100,000, machinery: $80,000, purchases: $20,000, and sales: $70,000.
If the business prepares a trial balance, what is the amount at which it shows a balance of debits and credits?

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.