Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.

The accounts kept by Cascade include the following:

.:.

The following transactions relating to payrolls and payroll taxes occurred during June and July:

REQUIRED

1. Journalize the preceding transactions using a general journal.

2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.

Transcribed Image Text:

Balance on Account Junc 1 Number Title Cash Employce Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salarics Expense Payroll Taxes Expense $70,200 101 211 3,553 5,103 1,197 1,225 213 218 221 574 2,835 222 511 530