prepare journal entry
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 batances exist in its generat 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. taxen, and employee incoes tax withholdinge. The 923,374 check in in payent of the Pebruary rich and employee incone taxes. Karch 31 Recorded the journal entry for the March walaries payable. Thea recorded the eash payment of the Mareh payroll (the conpany lasued checks payable to each enployee in payment of the March payroli). The payroll regiater how the following mumary totali for the Mareh pay period. - FICA taxes are Social Security and Medicare, respectively. April 15 Itsued cheek to ovift Bank in payeent of the March rich and oeployee Ineone taxes. April is Iswued cheok to the state rax Comiadion for the January, February, and Mareh state unenploynent taxes. Fulied the eheek and the first-quarter tax return with the coscisaloa. the flrat quarter. Required: Prepare journal entries to record these transactions and events, Note- If no entrv is reouired for a transaction/event, select "No iournal entrv reauired" in the first account fleid. Required: Prepare journal entries to record these transactions and events. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 3 5 6 7 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. Journal entry worksheet Record the (employee) payroll expenses and liabilities for the month of March. Note: Enter debits before credits. Journal entry worksheet Record the payment of payroll for March. Note: Enter debits before credits. Journal entry worksheet Record the employer's payroll expenses and liabilities for the month of March. Note: Enter debits before credits. Journal entry worksheet 123 Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of March. Note: Enter debits before credits. Journal entry worksheet Record the cash payment of SUTA taxes for the months of January, February and March. Notei Enter debits before credits. Journal entry worksheet Record the cash payment of FUTA taxes for the first quarter of the year. Note: Enter debits before credits. Journal entry worksheet Record the filing of Form 941 with the IRS, reporting the FICA taxes and the employees' federal income tax withholdings for the first quarter. Note: Enber debits before credits. 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 batances exist in its generat 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. taxen, and employee incoes tax withholdinge. The 923,374 check in in payent of the Pebruary rich and employee incone taxes. Karch 31 Recorded the journal entry for the March walaries payable. Thea recorded the eash payment of the Mareh payroll (the conpany lasued checks payable to each enployee in payment of the March payroli). The payroll regiater how the following mumary totali for the Mareh pay period. - FICA taxes are Social Security and Medicare, respectively. April 15 Itsued cheek to ovift Bank in payeent of the March rich and oeployee Ineone taxes. April is Iswued cheok to the state rax Comiadion for the January, February, and Mareh state unenploynent taxes. Fulied the eheek and the first-quarter tax return with the coscisaloa. the flrat quarter. Required: Prepare journal entries to record these transactions and events, Note- If no entrv is reouired for a transaction/event, select "No iournal entrv reauired" in the first account fleid. Required: Prepare journal entries to record these transactions and events. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 3 5 6 7 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. Journal entry worksheet Record the (employee) payroll expenses and liabilities for the month of March. Note: Enter debits before credits. Journal entry worksheet Record the payment of payroll for March. Note: Enter debits before credits. Journal entry worksheet Record the employer's payroll expenses and liabilities for the month of March. Note: Enter debits before credits. Journal entry worksheet 123 Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of March. Note: Enter debits before credits. Journal entry worksheet Record the cash payment of SUTA taxes for the months of January, February and March. Notei Enter debits before credits. Journal entry worksheet Record the cash payment of FUTA taxes for the first quarter of the year. Note: Enter debits before credits. Journal entry worksheet Record the filing of Form 941 with the IRS, reporting the FICA taxes and the employees' federal income tax withholdings for the first quarter. Note: Enber debits before credits
