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Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Codigo Co. on December 1 of the current year: 101 Salaries Payable — 102 Social Security Tax Payable $2,913 103 Medicare Tax Payable 728 104 Employees Federal Income Tax Payable 4,490 105 Employees State Income Tax Payable 4,078 106 State Unemployment Tax Payable 1,260 107 Federal Unemployment Tax Payable 360 108 Bond Deductions Payable 2,300 109 Medical Insurance Payable 2,520 201 Sales Salaries Expense 700,000 301 Officers Salaries Expense 340,000 401 Office Salaries Expense 125,000 408 Payroll Tax Expense 59,491 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 1. Issued Check No. 815 to Aberderas Insurance Company for $2,520, in payment of the semiannual premium on the group medical insurance policy. 1. Issued Check No. 816 to Alvarez Bank for $8,131, in payment for $2,913 of social security tax, $728 of Medicare tax, and $4,490 of employees' federal income tax due. 2. Issued Check No. 817 for $2,300 to Alvarez Bank to purchase U.S. savings bonds for employees. 12. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Sales $14,500 Officers 7,100 Office 2,600 $24,200 Deductions: Social security tax $1,452 Medicare tax 363 Federal income tax withheld 4,308 State income tax withheld 1,089 Savings bond deductions 1,150 Medical insurance deductions 420 8,782 Net amount $15,418 12. Issued Check No. 822 in payment of the net amount of the biweekly payroll. 12. Journalized the entry to record payroll taxes on employees' earnings of December 12: social security tax, $1,452; Medicare tax, $363; state unemployment tax, $315; federal unemployment tax, $90. 15. Issued Check No. 830 to Alvarez Bank for $7,938, in payment of $2,904 of social security tax, $726 of Medicare tax, and $4,308 of employees' federal income tax due. 26. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Sales $14,250 Officers 7,250 Office 2,750 $24,250 Deductions: Social security tax $1,455 Medicare tax 364 Federal income tax withheld 4,317 State income tax withheld 1,091 Savings bond deductions 1,150 8,377 Net amount $15,873 26. Issued Check No. 840 for the net amount of the biweekly payroll. 26. Journalized the entry to record payroll taxes on employees' earnings of December 26: social security tax, $1,455; Medicare tax, $364; state unemployment tax, $150; federal unemployment tax, $40. 30. Issued Check No. 851 for $6,258 to State Department of Revenue, in payment of employees' state income tax due on December 31. 30. Issued Check No. 852 to Alvarez Bank for $2,300 to purchase U.S. savings bonds for employees. 31. Paid $55,400 to the employee pension plan. The annual pension cost is $65,500. (Record both the payment and the unfunded pension liability.)

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temmydbrain

Answer:

Check the explanation

Explanation:

Part 1    

Date                 Accounts                                Debit              Credit

Dec 1, 2017  Medical Insurance Payable     $2,520  

                    Cash                                               $2,520

 

Dec 1, 2017  Social Security Tax Payable     $2,913  

             Medicare Tax Payable            $728  

Employees Federal Income Tax Payable   $4,490  

                     Cash                                         $8,131

 

Dec 2, 2017  Bond Deductions Payable    $2,300  

                     Cash                                      $2,300

 

Dec 12, 2017  Sales Salaries Expense         $14,500  

Officers Salaries Expense                    $7,100  

Office Salaries Expense                       $2,600  

Social Security Tax Payable                           $1,452

Medicare Tax Payable                                   $363

Employees Federal Income Tax Payable                 $4,308

Employees State Income Tax Payable                 $1,089

Medical Insurance Payable                           $420

Bond Deductions Payable                                 $1,150

Salaries Payable                                              $15,418

 

Dec 12, 2017  Salaries Payable                     $15,418  

                     Cash                                      $15,418

 

Dec 12, 2017  Payroll tax Expenses           $2,220  

Social Security Tax Payable                           $1,452

Medicare Tax Payable                                   $363

State Unemployment Tax Payable                   $315

Federal Unemployment Tax Payable   $90

 

Dec 15, 2017  Social Security Tax Payable  $2,904  

Medicare Tax Payable  $726  

Employees Federal Income Tax Payable  $4,308  

Cash   $7,938

 

Dec 26, 2017  Sales Salaries Expense  $14,250  

Officers Salaries Expense  $7,250  

Office Salaries Expense  $2,750  

Social Security Tax Payable   $1,455

Medicare Tax Payable   $364

Employees Federal Income Tax Payable   $4,317

Employees State Income Tax Payable   $1,091

Bond Deductions Payable   $1,150

Salaries Payable   $15,873

 

Dec 26, 2017  Salaries Payable  $15,873  

Cash   $15,873

 

Dec 26, 2017  Payroll tax Expenses  $2,009  

Social Security Tax Payable   $1,455

Medicare Tax Payable   $364

State Unemployment Tax Payable   $150

Federal Unemployment Tax Payable   $40

 

Dec 30, 2017  Employees State Income Tax Payable  $6,258  

Cash   $6,258

 

Dec 30, 2017  Bond Deductions Payable  $2,300  

Cash   $2,300

 

Dec 31, 2017  Pension Expense  $65,500  

Cash   $55,400

Unfunded Pension Liability   $10,100

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