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Frannys Fabric Coporation started operations on January 1, 2020. Various payroll transactions of Frannys occurred during January and February 2020. Click on Transactions tab at bottom of this page to view these. Required 1 On the printed Worksheet page, journalize the transactions the information from the Transactions page.Janua Transactions Paid an employee S. Moore net salary for January 1-15. Gross salary for the period is $1,500. Deductions from gross pay are as follows: The company Employee income taxes FICA Social Security & Medicare taxes Com Com 15 matches employees FICA tax deductions and company pension and health insurance contributions 1 to 1. 15.0% 77% 10.0% 5.0% nsion plan health insurance Paid employee S. Moore net salary for January 16-31. Gross salary for the period is $2,000. Deductions from the g Employee income taxes FICA Social Security & Medicare taxes Com Com 31 ross pay are as follows: 15.096 77% 10.0% 5.0% nsion plan health insurance February 15 Paid payroll deductions for January.Frannys Fabric Corporation GENERAL JOURNAL 2019 Description PR Debit Credit January 15 31 February 15Frannys Fabric Corporation GENERAL JOURNAL 2019 Description PR Debit Credit January 15 Salaries Expense FICA Taxes Expense ($1,500 x 7.796) Company Pension Expense ($1,500 x1 Company Health Insurance ($1,500 x 5%) 116 150 75 Employee Income Taxes Payable ($1,500 x 15%) Government Pension Payable ($116$116 Company Pension Payable ($150 $150) Company Health Insurance Payable ($75 $75) Cash 232 300 150 934 31 Salaries Expense FICA Taxes Expense ($1,500 x 7.796) Company Pension Expense ($1,500 x1 Company Health Insurance ($1,500 x 5%) 154 200 100 Employee Income Taxes Payable ($1,500 x 15%) Government Pension Payable ($116 $116) Company Pension Payable ($150 $150) Company Health Insurance Payable ($75 $75) Cash 300 308 200 1,246 February 15 Employee Income Taxes Payable ($225+$300) 525 Government Pension Payable ($232+$308) Company Pension Payable ($300+$400) Company Health Insurance Payable ($150+$200) 350 Cash 2,115

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Computation of Taxes Salaries and wages FICA Taxes Pension Payable-emplo Medical Insurance Premium Payable -Emplo 1,500 Share 150 @10% 75 | @5% r Share 1,841 Account Titles and Explanation Salaries and Wages Expense Withholding Taxes Pavable Medical Insurance Payable-employee Share Pension Payable-emplo FICA taxes payable-employee Share Cash Debit Date Jan 15 Credit $1,500 225 75 150 116 e Share o record salaries and wages ex Account Titles and Explanation Payroll Tax Expense Medical Insurance Payable-employer Share Pension Paya FICA taxes payable-emplover Share To record payroll tax expense.) pense Debit Credit Jan 15 341 75 150 116 ble-employer Share Computation of Taxes Salaries and wages FICA Taxes Pension Payable-emplo Medical Insurance Premium Pavable-Emplo 2,000 154 |@7.7% 200 | @10% 100 | @5% Share r Share 2,454 Account Titles and Explanation Debit Credit Jan 31 $2,000 Salaries and Wages Expense Withholding Taxes Payable Medical Insurance Payable-employee Share Pension Payable-emplo FICA taxes payable-emplovee Share Cash To record salaries and wages expense Account Titles and Explanation Payroll Tax Expense Medical Insurance Payable-emplover Share Pension Payable-employer Share FICA taxes payable-employer Share To record payroll tax expense Account Titles and Explanation 300 100 200 154 1,246 Share Debit Credit Jan 31 100 200 154 Debit Credit Feb 15 Withholding Taxes Payable Medical Insurance Payable-employee Share Pension Payable-emplo FICA taxes payable-employee Share Medical Insurance Payable-emplover Share Pension Payable-employer Share FICA taxes payable-employer Share 525 Share 350 350 270 as 2,114

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