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2. Toledo Tool Company has the following balances in their general ledger payroll liability accounts. FICA tax payable-OASDI-$8,560 FICA tax payable-HI = $3,400 Employee's FIT

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2. Toledo Tool Company has the following balances in their general ledger payroll liability accounts. FICA tax payable-OASDI-$8,560 FICA tax payable-HI = $3,400 Employee's FIT payable = $2,000 Employee's SIT payable $2,170 INSTRUCTIONS: I. Journalize the payment of the federal taxes on July 15, 2017. (Ignore posting references) Journalize the payment of the state income tax on July 31, 2017. (Ignore posting references) 2. General Journal Post Ref Debit Credit Date Description

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