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 of this amount since January 1. On March 1 the following accounts and balances exist in its general ledger A. FICA--Social Security Taxes Payable, 56,696: FICA-Medicare Taxes Payable, S1566 (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 ability for February only) c. Federal Unemployment Taxes Payable, 5648 (lability for January and February together d. Stato Unemployment Taxes Payable, $5,832 (lability for January and February together) The company had the following payroll transactions Mar. 15 Ise check payable to take federal depository bank authorized to accept ceployer payment of TICA taxes and employee in tax withholdings. The 321,762 check in prayent of the February TIC and employee 31 Becorded the Journal entry for the Marah salaris peable. The recorded the cash payment of the Maceh payroll the company found check payable to each employees in payant of the Wareh payroll The payroll raglater shows the following a total for the March pay period. ofti Shop Sales dros rics We ay Federal Income 012,500 TARA 13,4 Pay * RCA taxes are Social Security and Medicare, respectively 3 Hecorded the player payrolling from the Karchy The company has a una plantar rate of 5.04 on the tit $7,000 paid to play the federal at LOON Achete in northe Macob PICA Aployee 15 to the state Triton for the antiary February, and more on tuled e check in the interre IN the Consion 20 Tu check payable vi in payment of the employer PUTA tar for the first part of the year 30 Piled or with the report the TICA Aployee federalista withholding for the ELEWE Required: Prepare foumat antries to record truse transactions and events, Olt no entry on required for a particular transaction, select "No Journal entry required in the first accountfield Record the employee) payroll expenses and liabilities for the month of March. Note: Enter debits before credits. Date General Journal Debit Credit Mar 31 Record entry Clear entry View general Journal Journal entry worksheet 6 7 8 Record the employer's payroll expenses and liabilities for the month of March. Note: Enter debits before credits. General Journal Debit Credit Date Mar 31 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 8 6 7 Record the cash payment of FICA (employees' and employer's) and employee income taxes of the month of March. Note: Enter debits before credits. General Journal Debit Credit Date Apr 15 Record entry Clear entry View general Journal Journal entry worksheet
