Francisco Company has 10 employees, each of whom earns $2.800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger a. FICA Social Security Taxes Payable, $3.472; FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable, $4.000 (liability for February only). c. Federal Unemployment Taxes Payable. $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3.024 (liability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $8,284 check is in payment of the February FICA and employee income taxes. March 31 Recorded the journal entry for the March salaries payable. Then recorded the cash payment of the March payroll (the company issued checks payable to each employee in payment of the March payroll). The payroll register shows the following summary totals for the March pay period. Salaries Office Salaries $11,200 Shop Salaries Gross Pay $16,800 $28,000 FICA Taxes $ 1,736 $ 406 Federal Income Taxes $4,000 Net Pay $21,858 Federal Insurance Contributions Act (FICA) taxes are Social Security and Medicare, respectively. March 31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a state unemployment tax rate of 5.4% on the first $7,000 paid to each employee. The federal rate is 0.6%. April 15 Issued check to Swift Bank in payment of the March FICA and employee income taxes. April 15 Issued check to the State Tax Commission for the January, February, and March state unemployment taxes. Filed the check and the first-quarter tax return with the Commission. April Bo Issued check payable to Swift Bank in payment of the employers FUTA taxes for the first quarter of the year. April 30 Filed Form 941 with the IRS, reporting the FICA taxes and the employees federal income tax withholdings for the first quarter. Required: Prepare journal entries to record these transactions and events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 12 Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1 On March 1, the following accounts and balances exist in its general ledger 62 Sints Skipped a. FICA-Social Security Taxes Payable, $3,472, FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only) b. Employees' Federal Income Taxes Payable, $4.000 (liability for February only) c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3,024 (liability for January and February together), eBook Print The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $8,284 check is in payment of the February FICA and employee income taxes, March 31 Recorded the journal entry for the March salaries payable. Then recorded the cash payment of the March payroll (the company issued checks payable to each employee in payment of the March payroll). The payroll register shows the following summary totals for the March pay period. References Salaries Office Salaries $11, 2ee Shop Salaries Gross Pay $16,800 $28,000 FICA Taxes $ 1,736 $ 406 Federal Income Taxes $4,000 Net Pay $21,858 *Federal Insurance Contributions Act (FICA) taxes are Social Security and Medicare, respectively March 31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a state unemployment tax rate of 5.4% on the first $7,000 paid to each employee. The federal rate is 0.6%. April 15 Issued check to Swift Bank in payment of the March FICA and employee income taxes. April 15 Issued check to the State Tax Commission for the January, February, and March state unemployment taxes. Filed the check and the first-quarter tax return with the Commission. April 3e Issued check payable to swift Bank in payment of the employer's FUTA taxes for the first quarter of the year. April 30 Filed Form 941 with the IRS, reporting the FICA taxes and the employees' federal income tax withholdings for the first quarter: Required: Prepare journal entries to record these transactions and events. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 3 4 5 6 7 8 Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of February. Note: Enter debits before credits General Journal Debit Credit Date March 16