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Franny's Fabric Coporation started operations on January 1, 2020. Various payroll transactions of Franny's occurred during January and February 2020. Click on Transactions tab at
Franny's Fabric Coporation started operations on January 1, 2020. Various payroll transactions of Franny's occurred during January and February 2020. Click on "Transactions" tab at bottom of this page to view these. Required 1 On the printed "Worksheet" page, journalize the transactions the information from the "Transactions" page. Janua Transactions Paid an employee S. Moore net salary for January 1-15. Gross salary for the period is $1,500. Deductions from gross pay are as follows: The company Employee income taxes FICA Social Security & Medicare taxes Com Com 15 matches employee's FICA tax deductions and company pension and health insurance contributions 1 to 1. 15.0% 77% 10.0% 5.0% nsion plan health insurance Paid employee S. Moore net salary for January 16-31. Gross salary for the period is $2,000. Deductions from the g Employee income taxes FICA Social Security & Medicare taxes Com Com 31 ross pay are as follows: 15.096 77% 10.0% 5.0% nsion plan health insurance February 15 Paid payroll deductions for January. Franny's Fabric Corporation GENERAL JOURNAL 2019 Description PR Debit Credit January 15 31 February 15 Franny's Fabric Corporation GENERAL JOURNAL 2019 Description PR Debit Credit January 15 Salaries Expense FICA Taxes Expense ($1,500 x 7.796) Company Pension Expense ($1,500 x1 Company Health Insurance ($1,500 x 5%) 116 150 75 Employee Income Taxes Payable ($1,500 x 15%) Government Pension Payable ($116$116 Company Pension Payable ($150 $150) Company Health Insurance Payable ($75 $75) Cash 232 300 150 934 31 Salaries Expense FICA Taxes Expense ($1,500 x 7.796) Company Pension Expense ($1,500 x1 Company Health Insurance ($1,500 x 5%) 154 200 100 Employee Income Taxes Payable ($1,500 x 15%) Government Pension Payable ($116 $116) Company Pension Payable ($150 $150) Company Health Insurance Payable ($75 $75) Cash 300 308 200 1,246 February 15 Employee Income Taxes Payable ($225+$300) 525 Government Pension Payable ($232+$308) Company Pension Payable ($300+$400) Company Health Insurance Payable ($150+$200) 350 Cash 2,115
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