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Journalizing And Posting Payroll Entries

Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.

The accounts kept by Cascade include the following:

Account Number	Title	Balance on June 1
101	Cash	$66,500
211	Employee Federal Income Tax Payable	3,544
212	Social Security Tax Payable	5,078
213	Medicare Tax Payable	1,216
218	Savings Bond Deductions Payable	1,225
221	FUTA Tax Payable	544
222	SUTA Tax Payable	3,672
511	Wages and Salaries Expense	0
530	Payroll Taxes Expense	0

The following transactions relating to payrolls and payroll taxes occurred during June and July:

June 15	Paid $9,838 covering the following May taxes:
	Social Security tax		$5,078
	Medicare tax		1,216
	Employee federal income tax withheld		3,544
	Total		$9,838
30	June payroll:
	Total wages and salaries expense		$44,000
	Less amounts withheld:
	Social Security tax	$2,728
	Medicare tax	638
	Employee federal income tax	3,740
	Savings bond deductions	1,225	8,331
	Net amount paid		$35,669
30	Purchased savings bonds for employees, $2,450
30	Employer payroll taxes expenses for June were:
	Social Security		$2,728
	Medicare		638
	FUTA		88
	SUTA		594
	Total		$4,048
July 15	Paid $10,472 covering the following June taxes:
	Social Security tax		$5,456
	Medicare tax		1,276
	Employee federal income tax withheld		3,740
	Total		$10,472
31	Paid SUTA tax for the quarter, $4,266
31	Paid FUTA tax, $632

Required: 1. Journalize the preceding transactions using a general journal. Enter the posting reference when you post to T accounts in Page: DOC. POST. ACCOUNT TITLE CREDIT REF. DATE DEBIT NO. 1 20-- June 15 1 2 2 3 3 4 4 5 Deposit of employee federal income tax and Social Security and Medicare taxes UI 6 6 7 7 30 7 00 8 9 9 MIN 10 10 11 11 12 12 13 To record June payroll 13 14 14 15 30 15 BE 16 16 17 18 Purchased U.S. savings bonds for employees 17 18 19 30 19 20 20 21 21 22 22 M 23 23 24 To record employer payroll taxes expense 24 25 25 26 July 15 26 27 27 28 88 28 29 29 30 Deposit of employee federal income tax and Social Security and Medicare taxes 30 31 31 32 31 32 33 33 Paid SUTA tax 34 34 35 INT 35 36 31 36 37 37 38 Paid FUTA tax 38 2. Below are the T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal. After you post to the T-accounts, go back and complete the posting in part 1. Cash 101 Employee Federal Income Tax Payable 211 Social Security Tax Payable 212 Medicare Tax Payable 213 Savings Bond Deductions Payable 218 FUTA Tax Payable 221 SUTA Tax Payable 222 Wages and Salaries Expense 511 Payroll Taxes Expense 530