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HELP ASAP! Cascade company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May
HELP ASAP!
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 Balance on Number Title June 1 101 Cash $65,600 211 Employee Federal Income Tax Payable 3,532 212 Social Security Tax Payable 5,081 213 Medicare Tax Payable 1,172 218 Savings Bond Deductions Payable 1,225 221 FUTA Tax Payable 528 222 SUTA Tax Payable 3,564 511 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 $9,785 covering the following May taxes Social Security tax $5,081 Medicare tax 1,172 Employee federal income tax withheld 3,532 Total 59,785 30 June payroll: Total wages and salaries expense $44,000 Less amounts withheld: Social Security tax $2,728 Medicare tax 638 Previous 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, $4,158 31 Paid FUTA tax, $616 Required: 1. Journalize the preceding transactions using a general journal. Enter the posting reference when you post to Taccounts in part 2 Page: DOC. DATE ACCOUNT TITLE POST NO. REF. DEBIT CREDIT 20- Required: 1. Journalize the preceding transactions using a general Journal, Enter the posting reference when you post to Taccounts in part 2 Page: DOC DATE ACCOUNT TITLE POST NO. REF. DEBIT CREDIT 20- 1 June 15 1 2. 2 3 3 4 5 Deposit of employee federal income tax and Social Security and Medicare taxes 6 6 730 8 8 9 9 10 10 11 11 12 To record June payroll 13 12 13 14 15 30 14 15 16 16 17 18 Purchased U.S. savings bonds for employees 17 18 19 30 19 Previous 16 Purchased U.S. savings bonds for employees 16 17 18 19 30 17 18 19 20 20 21 21 22 22 23 To record employer payroll taxes expense 24 25 26 July 15 23 24 25 26 27 27 28 28 29 29 30 Deposit of employee federal income tax and Social Security and Medicare taxes 30 31 31 32 31 32 33 34 35 numb Pald SUTA tax 34 35 36 36 31 37 38 37 Paid FUTA tax 39 2. Below are the accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal. After you post to the Step by Step Solution
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