The following payroll liability accounts are included in the ledger of Harmon Co
ID: 2720300 • Letter: T
Question
The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2017.
In January, the following transactions occurred.
Sent check for $855 to union treasurer for union dues.
Jan.12
Jan.15
Jan.17
Jan.20
At January 31, the company also makes the following accrued adjustments pertaining to employee compensation.
1.
2.
FICA Taxes Payable $760 Federal Income Taxes Payable 1,210 State Income Taxes Payable 105 Federal Unemployment Taxes Payable 285 State Unemployment Taxes Payable 1,930 Union Dues Payable 855 U.S. Savings Bonds Payable 360 urnalize 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 Jan. 12 Jan. 20 (To record completion of monthly payroll register.) To record preparation and distribution of payroll checks to employees.)Explanation / Answer
Jan 10
Union Dues payable Dr $855
Bank A/c Cr $855
Jan 12
FICA Taxes payable Dr $760
Federal Income Taxes payable Dr $1210
Bank A/c Cr $1970
Jan 15
US Saving bond payable Dr $360
Bank A/c Cr $360
Jan 17
State Income taxes payable Dr $105
Bank A/c Cr $105
Jan 20
Federal Unemployment taxes payable Dr $285
State Unemployment taxes payable Dr $1930
Bank A/c Cr $2215
Jan 31
Salaries and wages Dr $54000
FICA Taxes Withheld Cr $4131
Federal Income Taxes Payable Cr $2135
State Insurance Taxes Payable Cr $490
Union dues payable Cr $405
United Fund Contribution payable Cr $1960
Employee payable Cr $44879
Jan 31
Employee payable Dr $44879
Bank A/c Cr $44879
Jan 31
Expense Dr. $7479
FICA Taxes payable Cr $4131
Federal Unemployement taxes payable Cr $432
State Unemployment taxes payable Cr $ 2916
Jan 31
Vacation and Holiday Expense Dr $3240
Vacation and Holiday payable Cr $3240
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