Problem 11-6AA Entries for payroll transactions LO P5 Francisco Company has 20 employees, each of whom earns $2,700 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, $6,696; FICA-Medicare Taxes Payable, $1,566. (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, $13,500 liability for February only) c. Federal Unemployment Taxes Payable, $648 (lability for January and February together). d. State Unemployment Taxes Payable, $5,832 liability for January and February together) The company had the following payroll transactions Mar. 15 Issued check payable to Swift Bank, a federat depository bank authorited to accept employers' payments of FICA taxes and employee income tax withholdings. The $21,762 check is in payment of the February FICA and employee income taxes 31 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 enployee in paynent of the March payrolt). The payroll register shows the following summary totals for the March pay period. Salaries Federal office Shop Gross Net Salaries Pay Taxes Pay 521,600 $32,400 $54,000 $ 3,348 Salaries PICA Taxes Incone $13,500 $36,369 5783 FICA taxes are Social Security and Medicare, respectively 31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a state unemployment tax rate of 5.401 on the first $7,000 paid to each enployee. The federal rate is 0.601 Apr. 15 Issued check to Swift Bank in paynent of the March FICA and employee income taxes 15 Issued check to the State Tax Commission for the January February, and March state unemployment taxes. Find the check and the first quarter tax return with the Commission 30 Issued check payable to swift Bank in payment of the employer's FUTA taxes for the first quarter of the year Surved Help mework Problems 15 Issued check to the State Tax Commission for the January, February, and March state unemploynent taxes. Filed the check and the first-quarter tax return with the Commission. 30 Issued check payable to swift Bank in payment of the employer's FUTA taxes for the first quarter of the year. 30 Filed Form 941 with the IRS, reporting the FICA taxes and the employees' federal incone tax withholdings for the first quarter. Required: Prepare Journal entries 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.) View transaction list Journal entry worksheet Record the cash payment of FICA (employees and employer's) and employee Income taxes of the month of February Debit Credit Note: Enter debits before credits Date General Journal Mar 15 FICA Social e taxes payable FICA Medicare txes payable Employee fed, Inc, es payable Cash Record entry Clear entry View general Journal