Question

Before you begin, print out all the pages in this workbook. Franny's Fabric Coporation started operations on January 1, 2020. Various payroll transactions of Franny's occurred during January and February 2020. Click on "Transactions" tab at bottom of this page to view these. Required: 1 On the printed "Worksheet" page, journalize the transactions the information from the "Transactions" page.

Answer 1

Journal Entry:

Date	Account Name	Debit	Credit
Jan .15	Salaries Expense	$1500
	FICA Tax Expense ( 7.7%)	$116
	Company Pension Expense ( 10%)	$150
	Company Health Insurance (5%)	$75
	To Employee Income Tax Payable (15%)		$225
	To FICA Payable ( $116+ $116)		$232
	To Company Pension Payable ($150+ $150)		$300
	To Company Health Insurance'Payable($75+ $75)		$150
	To Cash		$934
Jan.31	Salaries Expense	$2000
	FICA Tax Expense (7.7%)	$154
	Company Pension Expense (10%)	$200
	Company Health Insurance (5%)	$100
	To Employee Income Tax Payable(15%)		$300
	To FICA Payable( $154+ $ 154)		$308
	To Company pension payable( $ 200 + $200)		$400
	To Company Health Insurance payable( $100+ $100)		$200
	To Cash		$1246
Feb 15	Employee Income Tax Payable ($225+$300)	$525
	FICA Payable ( $232 + $308)	$540
	Company pension Payable ( $300 +$400)	$700
	Company Health Insurance Payable( $150+$200)	$350
	To Cash		$2115

Answer 2

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