(Solved): Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear i ...

Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroli, payroll deductions, and payroll taxes occurred during December: Dec. Issued Check No, 410 for 34,000 to lay Bank to invest in a Dec. Issued Check No, 410 for \( \$ 4,000 \) to Jay Bank to invest in a retirement savings account for employees. 2 2 Issued Check No, 411 to Jay Bank for \( \$ 28,952 \) in payment of \( \$ 10,032 \) of social security tax, \( \$ 2,640 \) of Medicare tax, and \( \$ 16,280 \) of employees' federal income tax due: 13 Joumalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13 Issued Check No, 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13 Journalized the entry to record payroll taxes on employees' earnings of December \( 13: \) social security tax, \( \$ 5,280 ; \) Medicare tax, \( \$ 1,320 \); state unemployment tax, \( \$ 420 \); federal unemployment tax, \( \$ 140 \). 16 Issued Check No, 424 to Jay Bank for \( \$ 29,480 \), in payment of \( \$ 10,560 \) of social security tax, \( \$ 2,640 \) of Medicare tax, and \( \$ 16,280 \) of employees' federal income tax due. 19 Issued Check No. 429 to Sims-Walker Insurance Company for \( \$ 30,600 \), In payment of the semiannual premium on the group medical insurance policy. 27 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27 Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27 Journalized the entry to record payroll taxes on employees' earnings of December 27 : social security tax, \( \$ 5,220 ; \) Medicare tax, \( \$ 1,305 \); state unemployment tax, \( \$ 210 \); federal unemployment tax, \( \$ 70 \). 27 Issued Check No. 543 for \( \$ 23,715 \) to State Department of Revenue in payment of employees' state income tax due on December 31 : 31 Issued Check No. 545 to Jay Bank for \( \$ 4,000 \) invest in a retirement savings account for employees. 31 Paid \( \$ 46,000 \) to the employee pension plan. The annual penslon cost is \( \$ 60,000 \). (Record both the payment and unfunded pension liability,) Required: 1. Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. For December 16 th transactions, (a.) record the payroll and (b.) payment of salaries, For December 30 th transactions, (a.) record the payroll, (b.) payment of salaries, (c.) record the taxes, and \( (d .) \) payment of taxes. eBook 2a. Journalize the following adjusting entry on December 31 . Salaries accrued: operations salaries, \( \$ 4,800 ; \) officers salaries, \( \$ 3,100 \); office salaries, sb00. The payroll taxes are immaterial and are not accrued. For a compound transaction, if an amount box does not require an entry, leave it blank. 2a. Journalize the following adjusting entry on December 31 . Salaries accrued: operations salaries, \( \$ 4,800 ; \) officers salaries, \( \$ 3,100 \); office salaries, \( \$ 800 \). The payroll taxes are immaterial and are not accrued. For a compound transaction, if an amount box does not require an entry, leave it blank. 2b. Journalize the following adjusting entry on December 31: Vacation pay, \( \$ 16,100 \).