Problem 9-23A Accounting for payroll and payroll taxes LO 9-5 Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1: Administrative salaries Sales salaries Ottice salaries 596,000 57.000 38,000 Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent on all salaries Duke reached the $110,000 amount in September. His salary in December amounted to $11,500 and is included in the 596,000. No one else will reach the $110,000 amount for the year. None of the employee salaries are subject to unemployment tax in December Other amounts withheld from salaries in December were as follows: Federal Incore tax state income tax Deployee savings plan $21.500 11.200 Required a. Prepare the journal entry to record the payment of payroll on December 31, Year 1. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry for payment of payroll on December 31, Year 1. Note: Enter debits before credits General Journal D ebit Credit Date 12/31 ST ET IIIII Record entry Clear entry View general journal