The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31 , journalize the following entries (refer to the chart of accounts for the exact wording of the account titles, CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered): a. December 30 , to record the payroll. b. December 30 , to record the employer's payroll taxes on the payroll to be paid on December 31 . Of the total payroll for the last week of the year, $31,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): a. On page 11 of the journal: December 30 , to record the payroll. b. On page 12 of the joumal: January 5, to record the employer's payroll taxes on the payroil to be paid on January 5 . Because it is a new fiscal yoar, all salaries are subject to unemployment compensation taxes. CHART OF ACCOUNTS Pharrell Co. General Ledger ASSETS 110 Cash 111 Accounts Recelvable 112 Interest Receivable 113 Notes Recelvable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Bulling 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES -210 Acoounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Socurity Tax Payablo 217 Medicare Tax Payable 218 Employees Federal income Tax Payable 220 Group Insurance Payable 221 Bond Deductions Payable 222 Retirement Savings Payable 224 Federal Unemployment Tax Payable REVENUE 410 Soles 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Warehouse Salarles Expense 522 Office Salarles Expense 524 Depreciation Expense-Bullding 525 Delivery Expense 526 Repairs Expense 529 Seling Expenses 531 Rent Expense 532 Depreciation Expense-Ofice Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expcyise 538 Cash Short and Over 540 Miscellaneous Expense 710 Interest Expense 222 Retirement Savings Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability croll down to access additional pages of the journal. 1. Assuming that the payroll for the last woek of the year is to be paid on December 31, journalize the following entries (refer to the chart of accounts for the exact wording of the account tibes. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a crodit amount is entered): a. December 30 , to record the payroli. b. December 30 , to record the employer's payroll taxes on the payroll to be paid on December 31 . Or the total payroll for the last week of the year, $31,000 is subject to unemployment compensation taxes. How does groding work? 2. Assuming that the payroll for the last woek of the yoar is to bo paid on January 5 of the following fiscal year, joumalize the following entries (refer to the chart of accounts for the exact wording of the account fities. CNOW foumals do not use thes for joumal oxplanations. Every line on a joumal pago is used for debil or credit entries. CNOW joumals wil automaticaly indent a credit entry when a credif amount is entered): a. On page 11 of the joumal: December 30 , to record the payroit. b. On page 12 of the joumal: January 5 , to record the employer's payroli taxes on the payroli to be pald on January 5 . Because it is a new fiscal year, all salaries are subject to unempioyment compensation taxes