CALCULATOR PRINTER VERSION BACK NEXT The following payroll liability accounts ar

Question

CALCULATOR PRINTER VERSION BACK NEXT The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2017. $760.00 1,204.60 108.95 FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable288.95 State Unemployment Taxes Payable 1,954.40 Union Dues Payable U.S. Savings Bonds Payable 870.00 360.00 In January, the following transactions occurred Jan. 10 Sent check for $870.00 to union treasurer for union dues. 12 Remitted check for $1,964.60 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 $360.00. 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 $58,000, FICA Taxes withheld $4,437.00, federal income taxes payable $2,158, state income taxes payable $454, union dues payable $400, United Fund contributions payable $1,888, and net pay $48,663.00. 31 Prepared payroll checks for the net pay and distributed checks to employees. At January 31, the company also makes the following accrued adjustments paertaining 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. (Use Vacation Benefit Expense to record the transaction.)

Explanation / Answer

(a) Journalise the january Transactions Date Account titles & Explanation Debit Credit Jan-10 Union Due payable $870           To cash $870 Jan-12 FICA taxes payable $760 Federal income taxes payable $1204.60           To cash $1964.60 Jan-15 U.S. Savings bonds payable $360           To cash $360 Jan-17 State income taxes payable $108.95           To cash $108.95 Jan-20 Federal unemployment taxes payable $288.95 State unemployment taxes payable $1954.40           To cash $2243.35 Jan-31 Salaries & Wages $58000             To FICA taxes payable $4437              To Federal income taxes payable $2158              To State income taxes payable $454             To Union Due payable $400              To U.S. Savings bonds payable $1888             To Net Wages payable $48663 Jan-31 Net Wages paybale $48663             To Cash $48663

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