PLEASE TAKE THE TIME TO READ THE WHOLE QUESTION PRIOR TO ANSWERING. The followin

Question

PLEASE TAKE THE TIME TO READ THE WHOLE QUESTION PRIOR TO ANSWERING.

The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year:

The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:

On page 10 of the journal:

On page 11 of the journal:

Account No. Account Name Balance 211 Salaries Payable — 212 Social Security Tax Payable $9,273 213 Medicare Tax Payable 2,318 214 Employees Federal Income Tax Payable 15,455 215 Employees State Income Tax Payable 13,909 216 State Unemployment Tax Payable 1,400 217 Federal Unemployment Tax Payable 500 218 Bond Deductions Payable $ 3,400 219 Medical Insurance Payable 27,000 411 Operations Salaries Expense 950,000 511 Officers Salaries Expense 600,000 512 Office Salaries Expense 150,000 519 Payroll Tax Expense 137,951

Explanation / Answer

Date Accounts Title Dr Cr 2-Dec Bond Deduction payable $3,400 Cash $3,400 2-Dec Social Security Tax Payable $9,273 Medicare Tax Payable 2318 Employees Federal Income Tax Payable 15455 Cash $27,046 13-Dec Operations Salaries Expense 43200 Officers Salaries Expense 27200 Office Salaries Expense 6800 Social Security Tax Payable $4,632 Medicare Tax Payable 1158 Employees Federal Income Tax Payable 15,440 Employees State income tax Payble 3,474 Bond Deductions Payable 1,700 Medical insurance payable 4500 Salaries Payable $46,296 13-Dec salaries payable $46,296 Cash $46,296 13-Dec Payroll tax expense 6,265 Social Security Tax Payable $4,632 Medicare Tax Payable $1,158 State Unemployment Tax Payable 350 Federal Unemployment Tax Payable 125 16-Dec Social Security Tax Payable $9,264 Medicare Tax Payable 2316 Employees Federal Income Tax Payable 15440 Cash $27,020 19-Dec Medical insurance payable 31500 Cash 31500 19-Dec Operations Salaries Expense 42800 Officers Salaries Expense 28000 Office Salaries Expense 7000 Social Security Tax Payable $4,668 Medicare Tax Payable 1167 Employees Federal Income Tax Payable 15,404 Employees State income tax Payble 3,501 Bond Deductions Payable 1,700 Salaries Payable $51,360 27-Dec Payroll tax expense 6,135 Social Security Tax Payable $4,668 Medicare Tax Payable 1167 State Unemployment Tax Payable 225 Federal Unemployment Tax Payable 75 27-Dec Employees State income tax Payble 20884 Cash 20884 31-Dec Bond Deductions Payable $3,400 Cash $3,400 31-Dec Unfunded Pension Liability $45,000 Cash $45,000 Pension expenses $60,000 Unfunded Pension Liability $60,000 Adjusting entries 2) a Operations Salaries Expense 8560 Officers Salaries Expense 5600 Office Salaries Expense 1400 Salaries payable 15560 b Vacation expenses $15,000 Vacation Payable $15,000

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