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Serial Problem Business Solutions LO P2, P3, C2 Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn

Serial Problem Business Solutions LO P2, P3, C2 Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $130 per day. Mar. 25 The company sold merchandise with a $2,500 cost for $3;500 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,040 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $104. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.) 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round intermediate calculations.) 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company. (Round your answers to 2 decimal places. Do not round intermediate calculations.) 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that Lyn Addie is an unmarried employee. Her $1,040 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $104. Compute her net pay for the eight days' work paid on February 26. Net pay Prev 1 of 1 Next Journal entry worksheet 1 Record the payroll expenses and liabilities for the eight days' work paid on February 26. Note: Enter debits before credits. Date Feb 26 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 3> Prev 1 of 1 N Journal entry worksheet 1 Record the employer's payroll expenses and liabilities for the eight days' work paid on February 26. Note: Enter debits before credits. Date Feb. 26 General Journal Debit Credit Record entry Clear entry < Required 2 View general journal Required> Prev 1 of 1 Ne S View transaction list Journal entry worksheet 1 2 Record the sales revenue of $3,500 on account to Wildcat Services together with 4% sales tax on every dollar of merchandise sold. Note: Enter debits before credits. Date Mar 25 General Journal Debit Credit Record entry Clear entry View transaction list Journal entry worksheet 1 Record the cost of goods sold of $2,500. Note: Enter debits before credits. Date Mar 25 General Journal Debit Credit Clear entry Record entry Required 3 View general journal

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