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(Solved by Expert Tutors) The following payroll liability accounts are included in the ledger of


2017.


FICA Taxes Payable $720
Federal Income Taxes Payable 1,185
State Income Taxes Payable 100
Federal Unemployment Taxes Payable 300
State Unemployment Taxes Payable 1,930
Union Dues Payable 840
U.S. Savings Bonds Payable 350


In January, the following transactions occurred.


Jan.?? 10 Sent check for $840 to union treasurer for union dues.
12 Remitted check for $1,905.00 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 $350.
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, federal income taxes payable $1,945, state income taxes payable $465, union dues payable $375, United Fund contributions payable $1,785, and net pay $48,993.
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

 


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