The following payroll liability accounts are included in the ledger of Wildhorse Company on January 1. FICA Taxes Payable $760.00 Federal Income Taxes Payable 1,204.60 State Income Taxes Payable 108.95 Federal Unemployment Taxes Payable 288.95 State Unemployment Taxes Payable 1,954.40 Union Dues Payable 870.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. 12 Sent check for $1,964.60 for FICA taxes and federal income taxes withheld. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. At January 31, the company completed the monthly payroll register, which shows salaries and wages $55,000. The company makes an entry for employer payroll taxes: FICA taxes 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $55,000 and the Medicare tax rate of 1.45% on all salaries and wages), federal unemployment taxes 0.6%, and state unemployment taxes 5.4%. Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Journalize the employer payroll taxes at January 31. No employee has reached the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.50. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount

The following payroll liability accounts are included in the ledger of Wildhorse Company on January 1. FICA Taxes Payable $760.00 Federal Income Taxes Payable 1,204.60 State Income Taxes Payable 108.95 Federal Unemployment Taxes Payable 288.95 State Unemployment Taxes Payable 1,954.40 Union Dues Payable 870.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. 12 Sent check for $1,964.60 for FICA taxes and federal income taxes withheld. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. At January 31, the company completed the monthly payroll register, which shows salaries and wages $55,000. The company makes an entry for employer payroll taxes: FICA taxes 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $55,000 and the Medicare tax rate of 1.45% on all salaries and wages), federal unemployment taxes 0.6%, and state unemployment taxes 5.4%. Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Journalize the employer payroll taxes at January 31. No employee has reached the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.50. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount

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 4PA

See similar textbooks

Related questions

Question

The following payroll liability accounts are included in the ledger of Wildhorse Company on January 1.

FICA Taxes Payable		$760.00
Federal Income Taxes Payable		1,204.60
State Income Taxes Payable		108.95
Federal Unemployment Taxes Payable		288.95
State Unemployment Taxes Payable		1,954.40
Union Dues Payable		870.00

In January, the following transactions occurred.

Jan.	10	Sent check for $870.00 to union treasurer for union dues.
	12	Sent check for $1,964.60 for FICA taxes and federal income taxes withheld.
	17	Paid state income taxes withheld from employees.
	20	Paid federal and state unemployment taxes.

At January 31, the company completed the monthly payroll register, which shows salaries and wages $55,000. The company makes an entry for employer payroll taxes: FICA taxes 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $55,000 and the Medicare tax rate of 1.45% on all salaries and wages), federal unemployment taxes 0.6%, and state unemployment taxes 5.4%.

Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Jan. 10Jan. 12Jan. 17Jan. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Journalize the employer payroll taxes at January 31. No employee has reached the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.50. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 31	enter an account title for the journal entry on January 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 31	enter a debit amount	enter a credit amount

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.