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The payroll register for Proctor Company for the week ended February 14 indicated the following: Salaries...

The payroll register for Proctor Company for the week ended February 14 indicated the following: Salaries $1,420,000 Social security tax withheld 85,200 Medicare tax withheld 21,300 Federal income tax withheld 284,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $266,000 of salaries. Required: A. Journalize the entry to record the payroll for the week of February 14.* B. Journalize the entry to record the payroll tax expense incurred for the week of February 14.* * Refer to the Chart of Accounts for exact wording of account titles.

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Date Debit Credit Assets Liabilities Equity
February 14 Salaries expense 1420000
      Social Security Tax payable 85200
      Medicare Tax payable 21300
      Employee Federal Income Tax payable 284000
      Salaries payable 1029500
February 14 Payroll Tax expense 122992
      Social Security Tax payable 85200
      Medicare Tax payable 21300
      State Unemployment Tax payable 14364 =266000*5.4%
      Federal Unemployment Tax payable 2128 =266000*0.8%
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