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(1). need help on the 8 transactions Francisco Company has 10 employees, each of whom earns $2,500 per month and is paid on the last
(1). need help on the 8 transactions
Francisco Company has 10 employees, each of whom earns $2,500 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, \$3,100; FICA-Medicare Taxes Payable, $726. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only) b. Employees' Federal Income Taxes Payable, $6,250 (liability for February only). c. Federal Unemployment Taxes Payable, $300 (liability for January and February together). d. State Unemployment Taxes Payable, $2,700 (liability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of rick taxen and enployee incose tax withholdings. The $10,076 oheck is in payment of the Pebruary pren and eaployee income taxes. Karch 31 Recorded the fournal entry for the March aalaries payable. Then recorded the caah paynent of the March payroll (the company isawed checks payable to each enployee in payment of the Mareh payro12). The payroll register ahow the following sumbary totals for the March pay period. - FICA taxes are Social Security and Medicare, respectively. March 31 Recorded the enployor's payro11 taxes resulting fron the Mareh payro11. The conpany has a atate unenployeent tax rate of 5.401 on the tirst $7,000 paid to each enployee. The toderal rate is 0.601. Apri1 15 Ianued check to swift aank in Gaynent of the March FICA and enployee incone taxes. April 15 Insued check to the State Tax Comineion tor the January, Yebruary, and Mareh atate unenployment taxes, Filed the check and the Iirst-guarter tax return with the comnission. Apri1 30 Issued check payable to suift Bank in paynent of the enployer' I Fura taxen for the first quarter of the year. April 30 Filed Forn 941 with the IRs, reporting the FICA taxes and the employees' federal income tax withholdings for the first quarter. Required: Prepare journal entries to record these transactions and events. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the (employee) payroll expenses and liabilities for the month of March. Note: Enter debits before credits. Journal entry worksheet 5 Record the payment of payroll for March. Note: Enter debits before credits. Journal entry worksheet Record the employer's payroll expenses and liabilities for the month of March. Note: Enter debits before credits. Journal entry worksheet Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of March. Note: Enter debits before credits. Journal entry worksheet Record the cash payment of SUTA taxes for the months of January, February and March. Note: Enter debits before credits. Journal entry worksheet Record the cash payment of FUTA taxes for the first quarter of the year. Note: Enter debits before credits. Journal entry worksheet 2 6 Record the filing of Form 941 with the IRS, reporting the FICA taxes and the employees' federal income tax withholdings for the first quarter. Note: Enter debits before credits Step by Step Solution
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