MLS Company has five employees, each of whom earns $1,600 per month and is paid on the last day of each month. All five have been employed continuously at this amount since January 1. MLS uses a payroll bank account and special payroll checks to pay its employees. On June 1, the following accounts and balances exist in its general ledger:
a. FICA—Social Security Taxes Payable, $992; FICA—Medicare Taxes Payable, $232. (The balances of these accounts represent total liabilities for both the employer’s and employees’ FICA taxes for the May payroll only.)
b. Employees’ Federal Income Taxes Payable, $1,050 (liability for May only).
c. Federal Unemployment Taxes Payable, $88 (liability for April and May together).
d. State Unemployment Taxes Payable, $440 (liability for April and May together).
During June and July, the company had the following payroll transactions.
Required
Prepare journal entries to record the transactions and events for both June and July.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.