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The following payroll liability accounts are included in the ledger of Lily Company on January 1, 2020, FICA Taxes Payable Federal Income Taxes Payable State

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The following payroll liability accounts are included in the ledger of Lily Company on January 1, 2020, FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $770 1,200.00 100.00 300.00 1,930.00 800 in January, the following transactions occurred 310 Jan. 10 Sent check for $800 to union treasurer for union dues 12 Remitted check for $1,970.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld 15 Purchased U.S. Savings Bonds for employees by writing check for $310. 17 Paid state income taxes withheld from employees. 20 Pald federal and state unemployment taxes 31 Completed monthly payroll register, which shows salaries and wages $60,000, FICA taxes withheld $4,590, federal income taxes payable $2,055, state income taxes payable $485, union dues payable $435, United Fund contributions payable $1,835, and net pay $50.600. 31 Prepared payroll checks for the net pay and distributed checks to employees. At January 31, the company also makes the following accrued adjustments pertaining to employee compensation At January 31, the company also makes the following accrued adjustments pertaining to employee compensation 1. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.4%. 2. Vacation pay: 6% of gross earnings. Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Version 4.24.19.4 To record completion of monthly payroll register) To record preparation and distribution of payroll checks to employees) y employee compensation at January 31. (Round answers to 2 decimal places, e.g. 15.50. Credit account titles are V Indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem.) No Date Acast Tities and Explanation (Te record comployee payroll taxes) (To record vacation pay.)

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