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 Number Title Balance on June 1 101 Cash $67,600 211 Employee Federal Income Tax Payable 3,506 212 Social Security Tax Payable 5,057 213 Medicare Tax Payable 1,154 218 Savings Bond Deductions Payable 1,200 221 FUTA Tax Payable 564 222 SUTA Tax Payable 3,807 511 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 $9,717 covering the following May taxes: Social Security tax $5,057 Medicare tax 1,154 Employee federal income tax withheld 3,506 Total $9,717 30 June payroll: Total wages and salaries expense $48,000 Less amounts withheld: Social Security tax $2,976 Medicare tax 696 Employee federal income tax 4,080 Savings bond deductions 1,200 8,952 Net amount paid $39,048 30 Purchased savings bonds for employees, $2,400 30 Employer payroll taxes expenses for June were: Social Security $2,976 Medicare 696 FUTA 96 SUTA 648 Total $4,416 July 15 Paid $11,424 covering the following June taxes: Social Security tax $5,952 Medicare tax 1,392 Employee federal income tax withheld 4,080 Total $11,424 31 Paid SUTA tax for the quarter, $4,455 31 Paid FUTA tax, $660 Required: Question Content Area 1. Journalize the preceding transactions using a general journal. Enter the posting reference when you post to T accounts in part 2.