Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please complete all 8 journal entries Francisco Company has 10 employees, each of whom eams $2.700 per month and is paid on the last day
please complete all 8 journal entries
Francisco Company has 10 employees, each of whom eams $2.700 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, \$3,348; FICA-Medicare Taxes Payable, \$784. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only) b. Employees' Federal Income Taxes Payable, $6,750 (liability for February only). c. Federai Unemployment Taxes Payable, $324 (liability for January and February together). d. State Unemployment Taxes Payable, \$2,916 (iability for January and February togethen). The company had the following payroll transactions. Mar. 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept enployers" paysents of FICA taxes and enployee income tax withholdings. The $16,882 check is in payment of the February FICA and enployee iticone taxes. 31 Recorded the journal entry for the March salaries payable. Then recorded the cash paynent of the March payroll (the conpany issued checks payable to each employee in paysent of the March payrol1). The payroli register shows the following sumary totals for the March pay period. - FICA taxes are Social Security and Medicare, respectively. 31 Recorded the enployer's payroll taxes resulting from the March payroll. The company has-a state unemployment tax rate of 5.40x on the first $7,000 paid to each employee. The federal. rate is 0.60x. Apr. 15 Issued check to Swift Bank in payment of the March FICA and employee income taxes. 15 Issued check to the State Tax Coamission for the January. February, and March state unemployment taxes. Filed the check and the first-quarter tax return with the coemission. 30. Issued check payable to Sivift Bank in payment of the enployer's FUTA taxes for the first quarter of the year. 30 Filed Forn 941 with the IRS, reporting the FICA taxes and the employees' federal income tax witholdings for the first quarter. Required: Prepare joumal entrien to record these transactions and events. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) Journal entry worksheet 234 8 Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of February. Note: Enter debits before credits Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started