Following are some transactions and events of Business Solutions.

February $26$ The company paid cash to Lyn Addie for eight days' work at $$130$ per day.

March $25$ The company sold merchandise with a $$2,700$ cost for $$3,500$ on credit to Wildcat Services, invoice dated March $25.$

Required:

Assume that Lyn Addie is an unmarried employee. Her $$1,040$ of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $$104.$ Compute her net pay for the eight days' work paid on February $26.$

Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part $1.$

Record the journal entry to reflect the $($employer$)$ payroll tax expenses for the February $26$ payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA $($the FUTA rate is $0\mathrm{.}6\%$ and the SUTA rate is $5\mathrm{.}4\%$ for the company$).$

Record the entries for the merchandise sold on March $25$ if a $4\%$ sales tax rate applies.

Assume that Lyn Addie is an unmarried employee. Her $$1,040$ of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $$104.$ Compute her net pay for the eight days' work paid on February $26.$

Note: Round your answer to $2$ decimal places. Do not round intermediate calculations.

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Net pay

Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part $1.$

Note: Round your answers to $2$ decimal places. Do not round intermediate calculations.

Assessment Tool iframe itry to reflect the $($employer$)$ payroll tax expenses for the February $26$ payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA $($the FUTA rate is $0\mathrm{.}6\%$ and the SUTA rate is $5\mathrm{.}4\%$ for the company$).$

Note: Round your answers to $2$ decimal places. Do not round intermediate calculations.

Journal entry worksheet

$1$

Record the employer's payroll expenses and liabilities for the eight days' work paid on February $26.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$February $26,,,]]$

Record the entries for the merchandise sold on March $25$ if a $4\%$ sales tax rate applies.

Note: Round vour answers to the nearest whole dollar.

Assessment Tool iframe

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Journal entry worksheet

$1$

$2$

Record the sales revenue of $$3,500$ on account to Wildcat Services together with $4\%$ sales tax on every dollar of merchandise sold.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$March $25,,,],[,,,$