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M10-4 (Algo) Reporting Payroll Tax Liabilities [LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 114

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M10-4 (Algo) Reporting Payroll Tax Liabilities [LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 114 pay period show that employees earned wages totaling $53,000 but that employee income taxes totaling $7,600 and FICA taxes totaling $2,775 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics also must pay $280 of unemployment taxes for this pay period. Prepare thejournai entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select \"No Journal Entw Required\" in the rst account field.)

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