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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 $15,846 213 Medicare Tax Payable 4,170 214 Employees Federal Income Tax Payable 25,715 215 Employees State Income Tax Payable 25,020 216 State Unemployment Tax Payable 4 2,641 217 Federal Unemployment Tax Payable 834 218 Retirement Savings Deductions Payable 6,000 219 Medical Insurance Payable 411 Operations Salaries Expense 48,400 1,683,000 511 Officers Salaries Expense 512 Office Salaries Expense 519 Payroll Tax Expense 1,098,000 279,000 239,080 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 2 Issued Check No. 410 for $6,000 to Jay Bank to invest in a retirement savings account for employees. 2 13 Issued Check No. 411 to Jay Bank for $45,731 In payment of $15,846 of social security tax, $4,170 of Medicare tax, and $25,715 of employees federal income tax due. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:
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