Requirements 1. Using T-accounts, open the listed accounts and insert the unadjusted June 30 balances. 2. Journalize and post the June 30 adjusting entries to the accounts that you opened. identify each adjusting entry by letter. 3. Prepare the current liabilities section of the balance sheet at June 30, 2014. PI l-26A Computing and journalizing payroll amounts Louis Welch is general manager of United Salons. During 2014, Welch worked for the company ail year at a $10,200 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary. Welch?s federal income tax withheld during 2014 was $850 per month, plus $924 on his bonus check. State income tax withheld came to $70 per month, plus $40 on the bonus. FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $5 per month. United incurred payroll tax expense on Welch for F1CA tax. The company also paid state unemployment tax and federal unemployment tax. In addition, United provides Welch with health insurance at a cost of $150 per month. During 2014, United paid $4,000 into Welch?s retirement plan