the following accounts with the balances indicated appear in the ledger of quinn co 554288

311

Salaries Payable

—

318

Bond Deductions Payable

$ 4,200

312

Social Security Tax Payable

$10,830

319

Medical Insurance Payable

33,000

313

Medicare Tax Payable

2,850

511

Operations Salaries Expense

1,150,000

314

Employees Federal Income Tax Payable

17,575

611

Officers Salaries Expense

750,000

315

Employees State Income Tax Payable

17,100

612

Office Salaries Expense

190,000

316

State Unemployment Tax Payable

1,800

619

Payroll Tax Expense

163,680

317

Federal Unemployment Tax Payable

600

Dec. 2.

Issued Check No. 210 for $4,200 to Ace Bank to purchase U.S. savings bonds for employees.

5.

Issued Check No. 211 to Ace Bank for $31,255 in payment of $10,830 of social security tax, $2,850 of Medicare tax, and $17,575 of employees’ federal income tax due.

16.

Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:

Salary distribution:

Operations

$52,200

Officers

34,100

Office

8,650

$94,950

Deductions:

Social security tax

$ 5,697

Medicare tax

1,424

Federal income tax withheld

17,566

State income tax withheld

4,273

Savings bond deductions

2,100

Medical insurance deductions

5,500

36,560

Net amount

$58,390

Issued Check No. 220 in payment of the net amount of the biweekly payroll.

Journalized the entry to record payroll taxes on employees’ earnings of December 16: social security tax, $5,697; Medicare tax, $1,424; state unemployment tax, $450; federal unemployment tax, $150.

Issued Check No. 224 to Ace Bank for $31,048, in payment of $11,394 of social security tax, $2,848 of Medicare tax, and $17,566 of employees’ federal income tax due.

Issued Check No. 229 to Blackwood Insurance Company for $33,000, in payment of the semiannual premium on the group medical insurance policy.

Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:

Salary distribution:

Operations

$51,400

Officers

34,100

Office

8,400

$93,900

Deductions:

Social security tax

$ 5,634

Medicare tax

1,409

Federal income tax withheld

17,184

State income tax withheld

4,226

Savings bond deductions

2,100

30,553

Net amount

$63,347

30.

Issued Check No. 341 in payment of the net amount of the biweekly payroll.

30.

Journalized the entry to record payroll taxes on employees’ earnings of December 30: social security tax, $5,634; Medicare tax, $1,409; state unemployment tax, $225; federal unemployment tax, $75.

30.

Issued Check No. 243 for $25,599 to State Department of Revenue in payment of employees’ state income tax due on December 31.

30.

Issued Check No. 245 to Ace Bank for $4,200 to purchase U.S. savings bonds for employees.

31.

Paid $50,000 to the employee pension plan. The annual pension cost is $65,000. (Record both the payment and unfunded pension liability.)