Question

Problem 11-04A a-b (Part Level Submission) (Video) The following payroll liability accounts are included in the ledger of Concord Company on January 1, 2020. FICA Taxes Payable $780 Federal Income Taxes Payable 1,205.00 State Income Taxes Payable 105.00 Federal Unemployment Taxes Payable 300.00 State Unemployment Taxes Payable 1,930.00 Union Dues Payable 880 U.S. Savings Bonds Payable 395 In January, the following transactions occurred. Jan. 10 Sent check for $880 to union treasurer for union dues. 12 Remitted check for $1,985.00 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 $395.) 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 $62,000, FICA taxes withheld $4,743, federal income taxes payable $2,160, state income taxes payable $480, union dues payable $440, United Fund contributions payable $1,790, and net pay $52,387 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.

Answer 1

Date	Account Titles	Debit	Credit
Jan 10	Union dues payable	880
	Cash		880
Jan 12	FICA taxes payable	780
	Federal income taxes payable	1205
	Cash		1985
Jan 15	US savings bond payable	395
	Cash		395
Jan 17	State income taxes payable	105
	Cash		105
Jan 20	Federal unemployment taxes payable	300
	State unemployment taxes payable	1930
	Cash		2230
Jan 31	Salaries and wages expense	62000
	FICA taxes payable		4743
	Federal income taxes payable		2160
	State income taxes payable		480
	Union dues payable		440
	United Fund Contribution payable		1790
	Salaries and Wages payable		52387
Jan 31	Salaries and Wages payable	52387
	Cash		52387