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: 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 2 account for employees. 2 Issued Check No. 411 to Jay Bank for $28,952 in payment of $10,032 of social security tax, $2,640 of Medicare tax, and $16,280 of emplayees' federal income tax due. 13. Joumalized the entry to record the biveekly payroll. A summary of the payroll 13. Issued Check No. 420 in payment of the net amount of the biveeily payrdil to fund the payrol bank account. 13. Journalized the entry to recond payrall tanes an employees' eamings of December 13: social securty tax, \$5.280; Medicare tax, 51,320 ; state unemployment tax, \$420; federal unemployment tax, $140. 16 Issued Oneck No. 424 to 3ay Fank for $29.450, in pyrment of $10,560 of social security tax, $2,640 of Ned care tax, and $16,200 of employees' federal income tax due, 19. Issued Check No. 429. to Sims-Walker Insurance Compary for $30,600, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record followst 27. Issued Check No, 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27 Joumalized the entry to record payroll tares on employees' earnings of December 27; social secunity tax, 55,220 ; Medicare tax, 51,305 ; state unemployment tax, 5210 ; federal unemployment tax, $70. 27. Issued Check No, 543 for $23,715 to State Department of Revenue in payment of employees' state income tax due on December 31 . 31 Issued Check No, 545 to lay Bank for $4,000 invest in a retirement savings account for employees: 31 Paid $46,000 to the employee pension plan. The annual pension cost is $60,000. (Record both the payment and unfunded pension lability.) Required: 1. Joumalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. For December 16 th transactions, (a.) record the payroli and (b.) payment of salaries. For December 30th transactions. (a.) record the payroil, (b.) payment of salaries, (c.) record the taxes, and (d.) payment of taxes. 16. Fropi 9ln. (a.) (6) 27(b. 27(c1) 27(d. 31 fand5 31 Cheok My Wark 3 more Check My Work uses remaining. Previous Next 2a. Joumalize the following adjusting entry on December 31, Salaries accrued: operations salaries, $4,800; officers salaries, $3,100; office salaries, $800. The payroll taxes are immaterial and are not accrued. For a compound transaction, if an amount box does not require an entry, leave it blank. 2b. Journalize the following adjusting entry on December 31 : Vacation pay, $16,100
