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Q1) The following payroll liability accounts are comprised in 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, 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.

problem:

Journalize January transactions.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921681

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