Question

Problem 11-04A a-b (Video) The following payroll liability accounts are included in the ledger of Bonita ompany on January 1, 2020 FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $720 1,220.00 120.00 295.00 1,955.00 855 305 In January, the following transactions occurred Jan. 10 Sent check for $855 to union treasurer for union dues 12 Remitted check for $1,940.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld Purchased U.S. Savings Bonds for employees by writing check for $305 Paid state income taxes withheld from employees. 0 Paid federal and state unemployment taxes 31 Completed monthly payroll register, which shows salaries and wages $64,000, FICA taxes withheld $4,896, federal income taxes payable $2,025, state income taxes payable $350, union dues payable $435, United Fund contributions payable $1,830, and net pay $54,464 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. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1