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Francisco Company has 20 employees, each of whom earns $2,900 per month and is paid on the last day of each month. All 20 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, $7,192; FICA-Medicare Taxes Payable, $1,682. (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, $14,500 (liability for February only). c. Federal Unemployment Taxes Payable, $696 (liability for January and February together). d. State Unemployment Taxes Payable, $6,264 (liability for January and February together). The company had the following payroll transactions. March 31 March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $23,374 check is in payment of the February FICA and employee income taxes. Recorded the journal entry for the March salaries payable. Then recorded the cash payment of the March payroll (the company issued checks payable to each employee in payment of the March payroll). The payroll register shows the following summary totals for the March pay period. Salaries Office Federal Salaries Shop Salaries Gross Pay $23,200 $58,000 $34,800 FICA Taxes* $3,596 Income Taxes $14,500 Net Pay $39,063 $ 841 * FICA taxes are Social Security and Medicare, respectively. March 31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a state unemployment tax rate of 5.40% on the first $7,000 paid to each employee. The federal rate is 0.60%. April 15. Issued check to Swift Bank in payment of the March FICA and employee income taxes. April 15 Issued check to the State Tax Commission for the January, February, and March state unemployment taxes. Filed the check and the first-quarter tax return with the Commission. Issued check payable to Swift Bank in payment of the employer's FUTA taxes for the first quarter of the year. April 30 April 30 Filed Form 941 with the IRS, reporting the FICA taxes and the employees' federal income tax withholdings for the first quarter. Required: Prepare journal entries to record these transactions and events. (If no entry is required for a transaction/event, select "No journal No 1 2 3 4 5 Date March 15 March 31 March 31 March 31 April 15 Answer is not complete. General Journal FICA-Social security taxes payable FICA-Medicare taxes payable Employee federal income taxes payable Cash Office salaries expense Shop salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee federal income taxes payable Salaries payable Cash Cash Salaries payable Cash Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee federal income taxes payable Federal unemployment taxes payable X X X X X Debit 7,192 1,682 14,500 23,200 34,800 39,063 39,063 X 5,771 X Credit 23,374 3,596 841 14,500 39,063 39,063 39,063 X 3,956 x 841 x 1,160 X 174 X 6 7 8 April 15 April 30 April 30 FICA-Social security taxes payable FICA-Medicare taxes payable Employee federal income taxes payable Cash State unemployment taxes payable Cash Federal unemployment taxes payable Cash X X X X X 7,192 1,682 X 14,500 X 19,140 X 870 x 23,374 X 19,140 870 X
