Q342 malize payroll transactions adjusting entries. (SO 2, 3) 11-8 The following payroll liability accounts are included in the ledger of Milton's B and Grille on January 1, 2010: FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable $ 662.20 1,254.60 102.15 Federal Unemployment Taxes Payable 312.00 1,954.40 250.00 U.S. Savings Bonds Payable 350.00 State Unemployment Taxes Payable Union Dues Payable 7 K + < In January, the following transactions occurred: Jan. 10 Sent check for $250.00 to union treasurer for union dues. 12 Deposited check for $1,916.80 in Federal Reserve bank for FICA taxes and federal income taxes withheld. 15 Purchased U.S. Savings Bonds for employees by writing check for $350.00. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows office salaries $17,600; store wages $27,400; FICA taxes withheld $3,600; federal income taxes payable $1,770; state income taxes payable $360; union dues payable $400; United Fund contributions payable $1,800; and net pay $37,070. 31 Prepared payroll checks for the net pay, and distributed checks to employees. On January 31, the company also makes the following accrual for employer payroll taxes: FICA taxes 8 percent, state unemployment taxes 5.4 percent, and federal unemployment taxes 0.8 percent. Instructions (a) Journalize the January transactions. (b) Journalize the adjustments pertaining to employee compensation at January 31. More text-to-speech controls >