Question
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $680,000; Office salaries, $136,000; Federal income taxes withheld, $204,000; State income
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $680,000; Office salaries, $136,000; Federal income taxes withheld, $204,000; State income taxes withheld, $45,500; Social security taxes withheld, $50,592; Medicare taxes withheld, $11,832; Medical insurance premiums, $16,500; Life insurance premiums, $13,500; Union dues deducted, $10,500; and Salaries subject to unemployment taxes, $69,000. The employee pays forty percent of medical and life insurance premiums.
Record journal entry for accrued payroll, including employee deductions, for July.
Record the cash payment of salaries.
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