Requirement one uses these T accounts

For all payroll calculations, use the following tax rates and rownd amounts to the nearest cent. Employee: OASDI: 6.2% on first $132,900 carned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 eamed; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. P-F:11-25A Journalizing and posting liabilitics Learning Objectives The general ledger of Seal-N-Ship at June 30, 2024, the end of the compayy's fiscal year, includes the following account balances before payroll and adjusting entries. The additional data needed to develop the payroll and adjusting entries at fune 30 are as follows: a. The long-term debt is payable in annual installments of $42,000, with the next installment due on July 31. On that date, Seal-N-Ship will ako pay one year's interest at 9%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end. b. Gross unpaid salaries for the last paymoll of the fiscal year were 54,700 . Assume that employee income taxes withheld are $910 and that all earnings afe subipect to OASDI. c. Recond the associated employer taxes payable for the last payroll of the fiscal year, \$4,700. Assume that the camings are not subjoct to unemployment compensation tases. d. On February 1, the company collected one year's rent of 57,200 in advance. Financial chapter 11 Requirements 1. Using T-accounts, open the listed accounts and insert the unadjusted June 30 balances. 2. Journalize and post the June 30 payroll and adjusting entries to the accounts that you opened. Identify each adjusting entry by letter. Round to the nearest dollar. 3. Prepare the current Fabilities section of the balance sheet at June 30, 2024