PROBLEM worthpoints Due Wednesday by Class time

Selected Transactions of Mitchell Plumbing Company are as follows:

March 2, 2022 purchased Merchandise on Account from Price Company for $15,500.

April 9 Issued a 90 day, 10% note for Price Company on account.

June 8 Paid Price Company the amount of the note of April 9.

December 26, 2022 Journalized the entry to record the Biweekly payroll and compute net Income * HINT it is on the problem from class

Summary of accounts are:

Salary distribution:

Sales------------- 92,000

Administrative---75,000

Deductions:

SS tax--------- ???

Medicare Tax ???

Federal Income Tax withheld 11500

State Income Tax withheld 5200

Charitable deductions 1050

Medical Insurance deductions 998

Net Income for the period is $120,500

Dec 27 Issued a check for Employees federal Income Tax, Social security tax and Medicare tax for Employees and Employer.*

JOURNAl