Cowboy Company has employees, whom earn a total of 598,000 per month and is paid on the last working day of the month. Each employee's wages are subject to FICA Social Security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 15% and monthly medical insurance premiums of $15,800 for the employees. The employer payroll taxes for Cowboy Company include FICA taxes, federal unemployment taxes of 0.6% of the first $7,000 paid each employee, and state unemployment taxes of 5.4% of the first $7,000 paid to each employee. REQUIRED: (1) Prepare the general journal entry to accrue the monthly salaries expense at January 31. (2) Prepare the journal entry to record the employer's payroll taxes at January 31 for Cowboy Company. (Assume that none of the employees have reached the unemployment limit of $7,000.) Date Account \& Explanation Debit Credit