The following information about the payroll for the week ended December 30 was obtained from the records of Pharrel Co Salaries: Sales salaries $402.000 Warehouse salaries 210,000 Office salaries 165,000 $777,000 Deductions Federal income tax withheld $135,975 Social security tax wereld 46,620 Medicare tax withhold 11.655 Retirement savings 17,094 Group Insurance 13,906 $225,330 Tax rates assumed: Social security 6% Tax rates assumed: Social security 0% Medicare 1.5% State unemployment employer only) 5,4% Federal unemployment comployer only 0.6% 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 art of accounts for the exact wording of the socount nities CNOW jumals do not use lines for journal explanations. Every line on a journal page in used for debut or credit ontos. CNOW Journals will automatically indent a credit ortry when a credit amount is entered): a December 30, to record the payroll b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31, or the total payroll for the last week of the year. $40,000 8 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, joumakze the following entries prefer to the chart of accounts for the exact wording of the account elles. CNOW journals do not use lines for journal explorations. Every one on a journal pape is used for debit or credit arterios. CNOW journals wie automatically indent a credit entry when a credit amount is entered): 1. On page 11 of the journal: December 30, to record the payroll b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5 Because it is now Niscal year, al salarios are subject to un amployment compensation taxes eBook Print Item CHART OF ACCOUNTS Pharrell Co. General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepold Insurance 120 Land 123 Building 124 Accumulated Depreciation Building 125 Omice Equipment 120 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Warehouse Salaries Expense 522 Office Salaries Expense 624 Depreciation Expense-Building 625 Delivery Expanse 526 Repairs Expense 529 Selling Expenses 531 Rant Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense Cumalia En LIABILITIES 210 Accounts Payable Inrest Deus LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salarios Payable 216 Social Security Tax Payable 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 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 540 Miscellaneous Expense 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing 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 Me CNOW oumas do not use ines for journal explanations. Every Nne on a journal page la used for debitor credit entries. CNOW jouma's will automatically inderit a credit entry when a credit amount is evitered) a December 30, to record the payroll b. Dicember 30, to record the employer's payro tuves on the payroll to be paid on December 31. Or me total payroll for the last wook of the year. 840,000 subject to unemployment compensation taxes PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. RET DERIT CREDIT ASSETS LIABILITIES EQUITY 2. Assuming that the payroll for the last week of the years to be paid on January 3 of the following fiscal year, joumalize the following entries prefer to the chart of accounts for me evact wording of the accountries. CNOW journals do not use ones for journal axplominions. Every ine on a joumapage is used for debut or credit entries. CNOW ourate wil avtomatically indent a credit entry when a credit amount is entered): a. On paper of the jouw. December 30 to record the payrot PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCEPTION POSTRO DEBIT CREDIT ASSETS LIARITIES EQUITY 1 1 . $ ebook Print Item b. On page 12 of the oumat January 5, to record the employer payroll taxes on the payroll to be paid on January 6, Bucause it is a now focal year all sales are subject to unemployment compensation tives PGE 12 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LABILITIES EQUITY