A Obi 2.1 Garcon Co. GENERAL LENGER while P R 10-5A Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of December 1 of the current year: 218 Bond Deductions Payable 211 Salaries Payable 219 Medical Insurance Payable 212 Social Security Tax Payable 411 Operations Salaries Expense 213 Medicare Tax Payable 2,318 511 Officers Salaries Expense 214 Employees Federal Income Tax Payable 15455 512 Office Salaries Expense 215 Employees State Income Tax Payable 13.909 216 State Unemployment Tax Payable 1,400 519 Payroll Tax Expense 217 Federal Unemployment Tax Payable 500 $9.273 $ 3.400 27001 950.000 600.000 137.951 ayroll taxes occurred 52.318 of Medica The following transactions relating to payroll, payroll deductions, and payroll ta during December Dec 2. Issued Check No. 410 for $3,400 to Jay Bank to purchase U.S. savings bonds for employees 2. Issued Check No. 411 to Jay Bank for $27.046 in payment of $9,273 of social security tax, $2318 tax, and $15,455 of employees'federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Operations $43,200 Officers 27,200 6.800 $77.200 Deductions: Social security tax $ 4,632 Medicare tax 1,158 Federal income tax withheld 15,440 State income tax withheld 3.474 Savings bond deductions 1,700 Medical insurance deductions Net amount 4.500 30.904 $46,296 Office 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll. 12. Journalized the entry to record payroll taxes on employees' earnings of December 13: social security 54632: Medicare tax, S1,158, state unemployment tax, 5350; federal unemployment tax, 5125 16. Issued Check No. 424 to Jay Bank for $27,020, in payment of $9.264 of social security tax, 52,316 of Medicine tax and 515440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for $31.500 in payment of the semianne mium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows. Salary distribution: Operations $42.800 28,000 $77,800 he semiannual pe 7,000 Officers Office Deductions: Social security tax Medicare tax Federal income tax withheld State income tax withheld Savings bond deductions Net amount $ 4,668 1.167 15,404 3,501 1.700 26.440 $51,360 513 Chapter 10 Liabilities: Current, Installment Notes, Contingencies Dec. 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll. - Journalized the entry to record payroll taxes on employees' earnings of December 27: social security tax, 54,068; Medicare tax, $1,167; state unemployment tax, $225; federal unemployment tax, $75. 27. Issued Check No. 543 for $20,884 to State Department of Revenue in payment of employees' state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for $3,400 to purchase U.S. savings bonds for employees. 31. Paid $45,000 to the employee pension plan. The annual pension cost is $60,000. (Record both the pay ment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: A. Salaries accrued: operations salaries, $8,560; officers salaries, $5,600; office salaries, $1,400. The payroll taxes are immaterial and are not accrued. B. Vacation pay, $15,000
