Journalize Period Payroll The payroll register of Patel Heritage Co. indicates $1,020 of social security withheld and $255 of Medicare tax withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,060. Retirement savings withheld from employee paychecks were $2,600 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. Cash Payroll Tax Expense Salaries Expense Social Security Tax Expense Social Security Tax Payable Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $44,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. $ b. Determine the proceeds of the note, assuming the note is discounted at 9%. Feedback Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise