Question
The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2017. FICA Taxes Payable $745 Federal Income Taxes Payable
The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2017.
FICA Taxes Payable | $745 | |
Federal Income Taxes Payable | 1,220 | |
State Income Taxes Payable | 110 | |
Federal Unemployment Taxes Payable | 300 | |
State Unemployment Taxes Payable | 1,965 | |
Union Dues Payable | 830 | |
U.S. Savings Bonds Payable | 390 |
In January, the following transactions occurred.
Jan. | 10 | Sent check for $830 to union treasurer for union dues. | |
12 | Remitted check for $1,965.00 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 $390. | ||
17 | Paid state income taxes withheld from employees. | ||
20 | Paid federal and state unemployment taxes. | ||
31 | Completed monthly payroll register, which shows salaries and wages $52,000, FICA taxes withheld $3,978, federal income taxes payable $1,855, state income taxes payable $410, union dues payable $485, United Fund contributions payable $1,890, and net pay $43,382. | ||
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.
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 | Debit | Credit |
Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31 | |||
Jan. 12 | |||
Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31 | |||
Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31 | |||
Jan. 20 | |||
Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31 | |||
(To record completion of monthly payroll register.) | |||
Jan. 10Jan. 12Jan. 15Jan. 17Jan. 20Jan. 31 | |||
(To record preparation and distribution of payroll checks to employees.) |
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