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 Balance on Number Title June 1 101 Cash $71,200 211 Employee Federal Income Tax Payable 3,555 212 Social Security Tax Payable 5,135 213 Medicare Tax Payable 1,181 218 Savings Bond. Deductions Payable 1,225 221 FUTA Tax Payable 592 222 SUTA Tax Payable 3,996 511 Wages and Salaries Expense 530 Payroll Taxes Expense The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,871 covering the following May taxes: Social Security tax $5,135 1,181 Medicare tax 3,555 Employee federal income tax withheld $9,871 Total The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,871 covering the following May taxes: Social Security tax $5,135 Medicare tax 1,181 Employee federal income tax withheld 3,555 Total $9,871 30 June payroll: Total wages and salaries expense $46,000 Less amounts withheld: Social Security tax $2,852 Medicare tax Employee federal income tax 3,910 Savings bond deductions 1,225 8,654 Net amount paid $37,346 30 Purchased savings bonds for employees, $2,450 30 Employer payroll taxes expenses for June were: Social Security $2,852 Medicare 667 FUTA 92 SUTA 621 Total $4,232 $2,852 667 667 Income tax SUTA 621 $4,232 Total July 15 Paid $10,948 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld Total 31 Paid SUTA tax for the quarter, $4,617 31 Paid FUTA tax, $684 $5,704 1,334 3,910 $10,948 Required: 1. Journalize the preceding transactions using a general journal. Enter the posting reference when you postt Page: ACCOUNT TITLE DOC. POST. DATE NO. REF. DEBIT CREDIT 20- June 15 Nm Deposit of employee federal income tax and Social Security and Medicare taxes .. 7 30 [1000 To record June payroll Purchased U.S. savings bonds for employees To record employer payroll taxes expense II DIO 26 July 15 ULUKUUL UULUVUU- U ldise 34 Paid SUTA tax 36 31 Paid FUTA tax 2. Below are the Taccounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactid post to the T-accounts, go back and complete the posting in part 1. Cash 101 Employee Federal Income Tax Payable Employee Federal Income Tax Payable Social Security Tax Payable 212 Medicare Tax Payable Savings Bond Deductions Payable 218 Savings Bond Deductions Payable 218 FUTA Tax Payable 221 SUTA Tax Payable 222 Wages and Salaries Expense 511 Payroll Taxes Expense 530