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Problem 13-13 (Algo) Payroll-related liabilities [Appendix 13] Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries,
Problem 13-13 (Algo) Payroll-related liabilities [Appendix 13] Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 80% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed as follows. Required: Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the biweekly pay period. Assume that all employees cumulative wages do not exceed the relevant wage bases for Social Security. FUTA or SUTA Salaries ate not yet paid (If no entry is required for o transaction/event, select "No journal entry required" in the first occount field.) Required: Prepare the appropriate joumal entries to record salaries expense and payroll tax expense for the biweekly pay period. Assume that all employees cumulative wages do not exceed the relevant wage bases for Social Security, FUTA or SUTA. Salaries are not yet paid. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Required: Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the biweekly pay period. Assume that all employees cumulative wages do not exceed the relevant wage bases for Social Security. FUTA or SUTA. Salaries are not yet paid. (If no entry is required for a trensection/event, select "No journal entry required" in the first account field.) Journal entry worksheet Notes Enter debits betoreicredits. Required: Prepare the appropriate joumal entries to record salaries expense and payroll tax expense for the biweekly pay period. A all employees' cumulative wages do not exceed the relevant wage bases for Social Security, FUTA or SUTA. Salaries are (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record salaries and wage expense for fringe benefits provided by the employer. Note: Enter debits belore credits
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