Exercise 11.2 (Algo) Recording deposit of social security, Medicare, and income taxes. LO 11-3 After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $20,000 in the Social Security Tax Payable account, a balance of $4,211 in the Medicare Tax Payable account, and a balance of $18,560 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form. View transaction list View journal entry worksheet No Date 1 July 16 Payroll taxes expense General Journal Social security tax payable Medicare tax payable State unemployment tax navable Debit