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Stuck on Journal Entry 2 AND 3 PLEASE ASSIST. THANK YOU. The following monthly data are taken from Ramirez Company at July 31: Sales salaries,
Stuck on Journal Entry 2 AND 3 PLEASE ASSIST. THANK YOU.
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $640,000; Office salaries, $128,000; Federal income taxes withheld, $192,000; State income taxes withheld, $43,000: Social security taxes withheld, $47,616; Medicare taxes withheld, $11,136; Medical insurance premiums, $15,500; Life insurance premiums, $12,500; Union dues deducted, $9,500; and Salaries subject to unemployment taxes, $67,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1&2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Record the accrued employer payroll taxes and all other employer paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 54% and FUTA taxes are 0.6% View transaction list Journal entry worksheet Record the employer's benefit expense. Note: Heter debits before credits Date General Journal Debit Credit July 31 Record entry Clear entry View general journal Journal entry worksheet Record the cash payment of all liabilities related to the July payroll. Note: Enter debits before credits General Journal Debit Credit Date July 31 Employee fed. inc. taxes payable Employee state income taxes payable FICA-Social sec. taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable Federal unemployment taxes payable Cash Record entry Clear entry View general journalStep by Step Solution
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