Question

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On January 15, the end of the first pay period of the year, North Company's employees earned $26,000 of sales salartes. Withholdings from the employees' salaries Include FICA Soclal Securty taxes at the rate of 6.2 %, FICA Medicare taxes at the rate of 1.45%, $3,000 of federal Income taxes, $549 of medical Insurance deductions, and $170 of unlon dues. No employee earned more than $7,000 in this first perlod Prepare the journal entry to record North Company's January 15 salartes expense and related lilabilities. View journal entry worksheet View transaction list Debit Credit General Journal No Date 28,000 Salaries expense Jan 15 1 FICA-Social sec. taxes payable FICA-Medicare taxes payable income taxes payable Employee medical insurance payable Employee union dues payable Salaries payable

Answer 1

No.	Date	General Journal	Debit	Credit
1	Jan-15	Salaries expenses	$             26,000
		FICA - Social sec. Taxes payable		$             1,612
		FICA - Medical Taxes payable		$                 377
		Income taxes payable		$             3,000
		Employee medical insurance payable		$                 549
		Employee union dues payable		$                 170
		Salaries payable		$           20,292
		Workings:
		FICA - Social sec. Taxes payable	=	$26000 X 6.2%
		FICA - Medical Taxes payable	=	$26000 X 1.45%