The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $660,000; Office salaries, $132,000; Federal income taxes withheld, $198,000; State income taxes withheld, $44,000; Social security taxes withheld, $49,104; Medicare taxes withheld, $11,484; Medical insurance premiums, $16,000; Life insurance premiums, $13,000; Union dues deducted, $10,000; and Salaries subject to unemployment taxes, $68,000. 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%.

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.

Total % Paid by Employees Premium Paid Premium Paid Premium by Employees by Employer 40% $ 6,400 $ Employee Medical Insurance Payable 16,000 9,600 13,000 40% $ 5,200 $ Employee Life Insurance Payable 7,800 Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 Sales salaries expense 660,000 Office salaries expense 132,000 Employee fed. inc. taxes payable Employee state inc. taxes payable FICA Social sec. taxes payable FICA-Medicare taxes payable Employee life insurance payable Employee union dues payable Salaries payable 198,000 44,000 49,104 11,484 10,000 Record the cash payment of salaries. July 31 Salaries payable Cash