On September 30, Cody Company's selected account balances are as follows:Employees' Federal Income Tax Payable$4,738.00 FICA Social Security Tax Payable (employer, $2,110.80; employee, $2,110.80)4,221.60 FICA Medicare Tax Payable (employer, $493.66; employee, $493.66)987.32 State Unemployment Tax Payable2,200.00 (Some employees haveFederal Unemployment Tax Payable570.00 reached the limit.)Required:In general journal form, prepare the entries to record the following: If an amount box does not require an entry, enter '0' or leave it blank.Oct.15 Payment of liabilities for FICA taxes and the federal income tax. 31 Payment of liability for state unemployment tax. 31 Payment of liability for federal unemployment tax.

Journal entries are the basic foundation of financial statements in which at least two accounts are…

Answered: On September 30, Cody Company's…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...

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On September 30, Cody Company's selected account balances are as follows:

Employees' Federal Income Tax Payable	$4,738.00
FICA Social Security Tax Payable (employer, $2,110.80;
employee, $2,110.80)	4,221.60
FICA Medicare Tax Payable (employer, $493.66;
employee, $493.66)	987.32
State Unemployment Tax Payable	2,200.00	(Some employees have
Federal Unemployment Tax Payable	570.00	reached the limit.)

Required:

In general journal form, prepare the entries to record the following: If an amount box does not require an entry, enter '0' or leave it blank.

Oct.	15	Payment of liabilities for FICA taxes and the federal income tax.
	31	Payment of liability for state unemployment tax.
	31	Payment of liability for federal unemployment tax.

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