Question
Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the
Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211 Salaries Payable 212 Social Security Tax Payable $10,032 213 Medicare Tax Payable 2,640 214 Employees Federal Income Tax Payable 16,280 215 Employees State Income Tax Payable 15,840 216 State Unemployment Tax Payable 1,672 217 Federal Unemployment Tax Payable 528 218 Retirement Savings Deductions Payable 4,000 219 Medical Insurance Payable 30,600 411 Operations Salaries Expense 1,066,000 511 Officers Salaries Expense 695,000 512 Office Salaries Expense 177,000 519 Payroll Tax Expense. 151,360 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. Issued Check No. 410 for $4,000 to Jay Bank to invest in a retirement savings account for emplovees.
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