Deacon Company provides you with following information related to payroll transactions for the month of May. Prepare journal entries to record the transactions for May.Office SalariesSales SalariesSocial SecurityTaxesMedicare TaxesFederal Income Taxes$38,000$26,000$3,968$928$5,600a. Recorded the May payroll using the payroll register information given above.b. Recorded the employer's payroll taxes resulting from the May payroll. The company had a merit rating that reduces its state unemployment tax rate to 3.5% of the first $7,000 paid each employee. Only $42,000 of the current months salaries are subject to unemployment taxes. The federal rate is 0.6%.c. Issued a check to Reliant Bank in payment of the May FICA and employee taxes.d. Issued a check to the state for the payment of the
SUTA taxes for the month of May.e. Issued a check to Reliant Bank in payment of the employer's quarterly FUTA taxes for the first quarter in the amount of $1,020.
What will be an ideal response?
| a. | ? | Office Salaries Expense | 38,000 | ? |
| ? | ? | Sales Salaries Expense | 26,000 | ? |
| ? | ? | FICA-Social Security Taxes Payable | ? | 3,968 |
| ? | ? | FICA-Medicare Taxes Payable | ? | 928 |
| ? | ? | Employee Federal Income Taxes Payable | ? | 5,600 |
| ? | ? | Salaries Payable | ? | 53,504 |
| ? | ? | ? | ? | ? |
| b. ? | ? | Payroll Taxes Expense | 6,618 | ? |
| ? | ? | FICA-Social Security Taxes Payable | ? | 3,968 |
| ? | ? | FICA-Medicare Taxes Payable | ? | 928 |
| ? | ? | State Unemployment Taxes Payable | ? | 1,470 |
| ? | ? | Federal Unemployment Taxes Payable | ? | 252 |
| ? | ? | ? | ? | ? |
| c. | ? | FICA-Social Security Taxes Payable | 7,936 | ? |
| ? | ? | FICA-Medicare Taxes Payable | 1,856 | ? |
| ? | ? | Employee Federal Income Taxes Payable | 5,600 | ? |
| ? | ? | Cash | ? | 15,392 |
| ? | ? | ? | ? | ? |
| d. | ? | State Unemployment Taxes Payable | 1,470 | ? |
| ? | ? | Cash | ? | 1,470 |
| ? | ? | ? | ? | ? |
| e. | ? | Federal Unemployment Taxes Payable | 1,020 | ? |
| ? | ? | Cash | ? | 1,020 |
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