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Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger a. FICA-Social Security Taxes Payable, $3,472. FICA-Medicare Taxes Payable. $812. (The balances of these accounts represent total llabilities for both the employer's and employees' FICA taxes for the February payroll only) b. Employees' Federal Income Taxes Payable, $4,000 (liability for February only) Federal Unemployment Taxes Payable. $336 liability for January and February together). d. State Unemployment Taxes Payable, $2,240 (llability for January and February together) During March and April, the company had the following payroll transactions, Mar. 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers payments of FICA taxes and reployee incone tax withholdings. The 58,284 check is in payment of the February FICA and employee Income taxes. 31 Recorded the journal entry for the March salaries payable. Then recorded the cash payment of the March payroll (the company issued checks payable to each enployee in payment of the Marchi payroll). The payroll register shows the following sumary totals for the March pay per lod. Office Salaries $11,200 Shop Salaries $16.00 Gross Pay $20,000 Federal FICA Incone Taxes Taxes $1,716 $4,000 S406 Pay $21,855 - FICA taxes are Social Security and Medicare, respectively. W 31 Bucured wwwpoyer payroll taxes resulting from the Marche payment. The company has emerit rating that reduces its state repot lukratu tu 4.1 others 17.000 puld each muloyer. The federal rate 0.6 A. 15 Tscheck tuwit Bank In quyment of the Mardi PTCA enplayer Income take 15 Issund check to the State Tax Commission for the January February. and Mrs State ut tante check and the first wartun tax retum com 30 Tisd check payable in the player's A Laxes for the first warter of the year 50 File For 941 with Sporting the themelor de alt with for the test Required: Prepare journal entries to record the transactions and events for both March and Art if no entry is required for a transaction/event, select "No journal entry required in the first account field) Journal entry worksheet Francisco Company has 10 employees, each of whom eams $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger a. FICA Social Security Taxes Payable, $3,472, FICA-Medicare Taxes Payable. $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only) b. Employees' Federal Income Taxes Payable, $4.000 (lability for February only) c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $2,240 (liability for January and February together). During March and April, the company had the following payroll transactions Mar. 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $8,284 check is in payment of the February FICA and employee income taxes. 31 Recorded the Journal entry for the March salaries payable. Then recorded the cash payment of the March payroll (the company Issued checks payable to each employee in payment of the March payroll). The payroll register shows the following summary totals for the March pay period. Salaries Office Salaries $11,200 Shop Salaries $16.80 Gross Pay $25,000 FICA Taxes $1,736 5 406 Federal Income Taxes $4,000 Net Pay $21,858 * FICA taxes are Social Security and Medicare, respectively, 31 Recorded the employer Dayroll taxes resulting from the Marchi payroll. The company has a rating that reduces Its state unemployment tax rate ta 4.6% of the first 37,000 paid each employee. The federal rate is 0.6% Apr. 15 Issued check to switt Bank In pyntent of the Murch FICA and employee income taxes. 15 Issued check to the State Comision to the January February and March state wherployment taxes. Pled the check and the first quarter tax with the Coomom 18 Issued check payable to with Bank In part of the employer's PUTA taxe for the first quarter of the year 30 Flied for 941 With the TRS ceporting the FICA taxes and the employees federal income tax withholding for the first quarter Required: Prepare journal entries to record the transactions and events for both March and Apelt (if no entry is required for a transaction event: select "No journal entry required in the first account field.) View transactional Journal entry worksheet