Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger a. FICA-Social Security Taxes Payable. $3,472: FICA-Medicare Taxes Payable. $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable. $7.000 (liability for February only). c. Federal Unemployment Taxes Payable, $336 (llability for January and February together). d. State Unemployment Taxes Payable, $3,024 (llability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers payments of FICA taxes and employee income tax withholdings. The $11,284 check is in payment of the February FICA and employee income taxes. March 31 Recorded the journal entry for the March salaries payable. Then recorded the cash payment of the March payroll (the company issued checks payable to each employee in payment of the March payroll). The payroll register shows the following summary totals for the March pay period. Office Salaries Shop Salaries Gross Pay $11,200 $16,800 $28,000 Salaries April 15 April 15 April 30 April 30 FICA Taxes $ 1,736 $ 406 *FICA taxes are Social Security and Medicare, respectively. March 31 Recorded the employer's payroll taxes resulting from the March payroll. The company has a state unemployment tax rate of 5.40% on the first $7,000 paid to each employee. The federal rate is 0.60%. Federal Income Taxes Net Pay $7,000 $18,858 Issued check to Swift Bank in payment of the March FICA and employee income taxes. Issued check to the State Tax Commission for the January, February, and March state unemployment taxes. Filed the check and the first-quarter tax return with the Commission. Issued check payable to Swift Bank in payment of the employer's FUTA taxes for the first quarter of the year. Filed Form 941 with the IRS, reporting the FICA taxes and the employees" federal income tax withholdings for the first quarter. Journal entry worksheet Record the cashment of FCA (emples and emplover's) and empl March 15 Date March 31 General Journal 3 Journal entry worksheet <1 Record the employe) perall expenses and abilities for the month of March Debi General Journal Creat De Cred Journal entry worksheet Dute 2 Ole Mar 31 before cred Journal entry worksheet Rady 5 General Cary 5 6 General Journal Chary De Debe Creat View all Crea