Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Codigo Co. on December 1 of the current year: 101 102 103 104 105 106 107 Salaries Payable Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Employees State Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable $2,913 728 4,490 4,078 1,260 360 2,300 2,520 700,000 40,000 125,000 59,491 108 Bond Deductions Payable 109 201 301 401 408 Medical Insurance Payable Sales Salaries Expense Officers Salaries Expense Office Salaries Expense Payroll Tax Expense The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 1. Issued Check No. 815 to Aberde ras Insurance Company for $2.520, in payment of the semiannual premium on the group medical insurance policy 1. Issued Chec k No. 816 to Alvarez Bank for $8,131, in payment for $2.913 of social security tax, $728 of Medicare tax, and $4,490 of employees' federal income tax due. 2. Issued Check No. 817 for $2,300 to Alvarez Bank to purchase U.S. savings bonds for employees. Check My Work federal income tax due Medicare tax, and $4,490 of employees' 2. Issued Check No. 817 for $2,300 to Alvarez Bank to purchase U.S. savings bonds for employees. 12. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Sales Officers Office $14,500 7,100 2,600 $24,200 Deductions: Social security tax Medicare tax Federal income tax withheld State income tax withheld Savings bond deductions Medical insurance deductions Net amount $1,452 363 4,308 1,089 150 420 8,782 $15,418 12. Issued Check No. 822 in payment of the net amount of the biweekly payroll. 12. Journalized the entry to record payroll taxes on employees' earnings of December 12: social security tax, $1,452; Medicare tax, $363; state unemployment tax, $315; federal unemployment tax, $90. 15. Issued Check No. 830 to Alvarez Bank for $7,938, in payment of $2,904 of social security tax, $726 of Medicare tax, and $4,308 of employees' federal income tax due. 26. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Sales $14,250 Officers 7,250 Check My Work Officers Office Deductions: 7,250 2,750 $24,250 Social security tax Medicare tax Federal income tax withheld State income tax withheld Savings bond deductions $1,455 354 4,317 1,091 1,150 8,377 Net amount 15,873 26. Issued Check No. 840 for the net amount of the biweekly payroll. 26. Jounalized the entry to record payroll taxes on employees' earnings of December 26: social security tax, $1,455; Medicare tax, $364; state unemployment tax, $150; federal unemployment tax, $40. 30. Issued Check No. 851 for $6,258 to State Department of Revenue, in payment of employees' state income tax due on December 31. 30. Issued Check No. 852 to Alvarez Bank for $2,300 to purchase U.S. savings bonds for employees 31. Paid $55,400 to the employee pension plan. The annual pension cost is $65,500. (Record both the payment and the unfunded pension liability.) Required: f an amount box does not require an entry, leave it blank. For December 12th and 26th transactions, (a.) record t payroll and (b.) payment of salaries Account Debit Credit Dec. 1-Ins. Check My Work Assignment Score 0.0% Chapter 10 PR 10-05 eBook Debit Credit Account Dec. 1-Ins Dec. 1-Taxes Dec. 2 Dec. 12 (a.) Calculator eBook hapter 10 PR 10-058 Dec. 12 (b.) Dec. 12-Taxes Dec. 15 Check My Work Assignment Score: 0.0% Emai a%i Dec. 26 (a.) Dec. 26 (b.) Dec. 26-Taxes Dec. 30-Taxes Check My Work ter 10 PR 10-058 Calculator eBook Dec. 30-Taxes Dec. 30-Bonds Dec. 31 2. Journalize the foilowing adjusting entries on December 31 a. Salaries accrued: sales salaries, $4,275; officers salaries, $2,175; office salaries, $825. The payroll taxes are immaterial and are not accrued. For a compound transaction, it an amount box does not require an entry, leave it blank Date Account Debit Credit Dec. 31 b. Vacation pay, $13,350 Date Account Debit Credit Check My Work Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: sales salaries, $4,275; officers salaries, $2,175; office salaries, $825. The payroll taxes are i amount box does not require an entry, leave it blank. Date Account Debit Credit Dec. 31 b. Vacation pay, $13,350. Date Account Debit Credit Dec. 31 Check My Work