Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 80% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed as follows: Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Life insurance premiums Federal income taxes to be withheld $2,800, 000 92,000 50,000 9,800 480,000 61,000 Local income taxes to be withheld Payroll taxes: Federal unemployment tax rate State unemployment tax rate (after SUTA deduction) Social Security tax rate Medicare tax rate 0.60% 5.40% 6.20% 1.45% Required: Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the biweekly pay period. Assume that all employees' cumulative wages do not exceed the relevant wage bases for Social Security, FUTA or SUTA. Salaries are not yet paid. |(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entrv worksheet Journal entry worksheet 1 2 3 Record salaries and wages expense Note: Enter debits before credits. Event General Journal Debit Credit 1 Journal entry worksheet 1 2 3 Record payroll tax expense. Note: Enter debits before credits Credit Event General Journal Debit 2 View general journal Record entry Clear entry Journal entry worksheet 1 2 3 Record salaries and wage expense for fringe benefits provided by the employer Note: Enter debits before credits. General Journal Event Debit Credit 3 Record entry Clear entry View general journal