Instruction Chart Of Accounts Instruction Dixon Sales has six sales employees that receive weekly paychecks. Each earns $12 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% of gross in state income tax, 6% of gross in social security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state disability insurance. Required: Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26. Refer to the Chart of Accounts for exact wording of account titles Round your answers to two decimal places. CHART OF ACCOUNTS Dixon Sales General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 520 Sales Wages Expense 525 Delivery Expense 526 Repairs Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 535 Cash Short and Over 536 Product Warranty Expense 541 Payroll Tax Expense 542 Vacation Pay Expense 543 Federal Income Tax Expense 544 State Income Tax Expense 551 Depreciation Expense-Building 552 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 221 Sales Wages Payable 222 Social Security Tax Payable 223 Medicare Tax Payable 224 Federal Income Tax Payable 225 State Income Tax Payable 226 Federal Unemployment Tax Payable 227 State Unemployment Tax Payable 228 State Disability Insurance Payable 231 Medical Insurance Payable 232 Retirement Savings Deductions Payable 233 Union Dues Payable 234 Vacation Pay Payable 241 Product Warranty Payable 125 Office Equipment 126 Accumulated Depreciation Office Equipment LIABILITIES 534 Supplies Expense 535 Cash Short and Over 536 Product Warranty Expense 541 Payroll Tax Expense 542 Vacation Pay Expense 543 Federal Income Tax Expense 544 State Income Tax Expense 551 Depreciation Expense-Building 552 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense 210 Accounts Payable 213 Interest Payable 214 Notes Payable 221 Sales Wages Payable 222 Social Security Tax Payable 223 Medicare Tax Payable 224 Federal Income Tax Payable 225 State Income Tax Payable 226 Federal Unemployment Tax Payable 227 State Unemployment Tax Payable 228 State Disability insurance Payable 231 Medical Insurance Payable 232 Retirement Savings Deductions Payable 233 Union Dues Payable 234 Vacation Pay Payable 241 Product Warranty Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends