Preparation of journal entries for various tax related

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Reference no: EM13356349

Preparation of journal entries for various tax related transactions.

The following payroll liability accounts are included in the ledger of Clements Company on January 1, 2008:

FICA Taxes Payable

$1,750

Federal Income Taxes Payable

4,000

State Income Taxes Payable

665

Federal Unemployment Taxes Payable

175

State Unemployment Taxes Payable

1,190

Union Dues Payable

400

Health Insurance Premium Payable

5,000

Christmas Club Savings Payable

1,500

In January, the following transactions occurred:

Jan 9

Sent a check for $5,000 to Blue Cross and Blue Shield. 

11

Deposited a check for $5,750 in Federal Reserve Bank for FICA taxes and federal income taxes withheld. 

14

Sent a check for $400 to the union treasurer for union dues. 

18

Paid state income taxes withheld from employees.

21

Paid state and federal unemployment taxes. 

22

Sent a $1,500 check to a Savings and Loan for the Christmas Club withholdings.

Instructions

Journalize the January transactions.

Reference no: EM13356349

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