Journalize the transactions

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Problem

Dec. 27 Issued Check No. 541 in payment of the net amount of the biweekly payroll. Dec. 27. Journalized the entry to record payroll taxes on employees' earnings of December 27: social security tax, $7,920; Medicare tax, $1,980; state unemployment tax, $320; federal unemployment tax, $105. Dec. 27 Issued Check No. 543 for $36,090 to State Department of Revenue in payment of employees' state income tax due on December 31. Dec. 31 Issued Check No. 545 to Jay Bank for $6,000 to purchase U.S. savings bonds for employees. Dec. 31 Paid $70,000 to the employee pension plan. The annual pension cost is $91,000. (Record both the payment and unfunded pension liability.) Journalize the transactions. If an amount box does not require an entry, leave it blank. Get the instant assignment help. For December 13th transactions, (i) record the payroll and (ii) payment of salaries. For December 27th transactions, (i) record the payroll, (ii) payment of salaries, (iii) record the taxes, and (d.) payment of taxes.

Reference no: EM134007596

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