Answer:
July 31, 202x, salaries expense
Dr Sales salaries expense 660,000
Dr Office salaries expense 132,000
Dr FICA taxes (OASDI) expense 49,104
Dr FICA taxes (Medicare) expense 11,484
Dr FUTA taxes expense 408
Dr SUTA taxes expense 3,672
Dr Life insurance expense 19,500
Dr Medical insurance expense 24,000
Cr Federal income taxes withheld payable 198,000
Cr State income taxes withheld payable 44,000
Cr Social security taxes withheld payable 49,104
Cr Social security taxes payable 49,104
Cr Medicare taxes withheld payable 11,484
Cr Medicare taxes payable 11,484
Cr Medical insurance premiums payable 40,000
Cr Life insurance premiums payable 32,500
Cr Union dues deducted payable 10,000
Cr FUTA taxes payable 408
Cr SUTA taxes payable 3,672
Cr Salaries payable 450,412
July 31, 2021, payment of salaries payable
Dr Salaries payable 450,412
Cr Cash 450,412
Explanation:
Sales salaries, $660,000;
Office salaries, $132,000;
Federal income taxes withheld, $198,000;
State income taxes withheld, $44,000;
Social security taxes withheld, $49,104;
Medicare taxes withheld, $11,484;
Medical insurance premiums, $16,000;
Life insurance premiums, $13,000;
Union dues deducted, $10,000; and
Salaries subject to unemployment taxes, $68,000.
