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During December 2021, Sacred Heart Corp. calculates ordinary salaries earned by employees to equal $100,000 for the month, to be paid in January 2022. In
During December 2021, Sacred Heart Corp. calculates ordinary salaries earned by employees to equal $100,000 for the month, to be paid in January 2022. In addition, employees earned $12,000 worth of paid vacation time during December to be used in future months. The company withheld FICA taxes of $3,500 and income taxes of $26,000 during the month. FUTA taxes for December were $2,100. Also, during December employees used vacation days that had been earned previously worth $4,000, to be paid in January Record ALL necessary journal entries related to this payroll information for Sacred Heart Corp during the month of December. Remember to include financial statement effects in parentheses. All joumal entry lines may not be necessary. Date Account Debit Credit Dec. 21
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