Oxford Company has five employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Oxford Company 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 thejournal.

Transcribed Image Text:

Balance on June 1 Account Number 101 Title Cash $69,500.00 Employee Income Tax Payable Social Sccurity Tax Payable 211 212 213 218 221 222 2,735.00 641.00 Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salarics Expense Payroll Taxes Expense 787.50 540.00 1,380.00 511 0.00 0.00 530