Cowboy Company has employess whom earn a total of $85,000$ per month and is paid on the last working dayof the month. Each employess wages are subject to FICA social security taxes of $6\mathrm{.}2\%$ and Medicare taxes of $1\mathrm{.}45\%$ on all wages. Withholding for each employee also includes federal income tax of $15\%$ and monthly medical insurance premiums of $$12,000$ for the employees. unemployment taxes of $5\mathrm{.}4\%$ of the first $$7,000$ paid to each employee.

REQUIRED:

$(1)$ Prepare the general journal entry to accrue the monthly salaries expense at January $31.$ reached the unemployment limit of $$7,000.)$

$7$

A

B

$U_{?}$

I

$8-$

Date Account & Explanation Debit Credit