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Problem 9-6AA Entries for payroll transactions LO P2, P3, P5 Francisco Company has 20 employees, each of whom earns $3,200 per month and is paid
Problem 9-6AA Entries for payroll transactions LO P2, P3, P5 Francisco Company has 20 employees, each of whom earns $3,200 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, $7,936; FICA-Medicare Taxes Payable, $1,856. (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, $16,000 (liability c. Federal Unemployment Taxes Payable, $768 (liability for d. State Unemployment Taxes Payable, $5,120 (liability for for February only). January and February together). January and February together) During March and April, the company had the following payroll transactions. Mar. 15 Issued check payable to Swift Bank, a federal
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