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Journalize the January transactions The following payroll liability accounts are included in the ledger of Vaughn Company on January 1, 2020. FICA Taxes Payable Federal
Journalize the January transactions
The following payroll liability accounts are included in the ledger of Vaughn Company on January 1, 2020. FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $730 1,205.00 105.00 280.00 1.940.00 865 400 In January, the following transactions occurred. Jan 10 Sent check for $865 to union treasurer for union dues. 12 Remitted check for $1.935.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. 15 Purchased U.S. Savings Bonds for employees by writing check for $400 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes 31 Completed monthly payroll register, which shows salaries and wages $66.000. FICA taxes withheld $5.049. federal income taxes payable $1.990. state income taxes payable 5485.union dues payable $410. United Fund contributions payable $1.840. and net pay $56,226 31 Prepared payroll checks for the net pay and distributed checks to employees. At January 31 the company also makes the following accrued adjustments pertaining to emplovee compensation Employer payroll taxes: FICA taxes 7.659. federal unemployment taxes 0.895 and state unemployment taxes 54% Vacation pay: 66 of gross earnings search o e a co w w 9 QL @ ^ 0 90 216/2000Step by Step Solution
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