Problem 3 : Payroll Problem Background: Assignment: M D Contractors has numerous employees who are paid on a weekly 1. Using the General Journal tab, click Add Transaction to journalize basis. Payroll information for the most recent week ending August 10, each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction. 2018 is given below: 2. Click the Reports tab and review the results of recording these transactions on the General Ledger. 3. Click Submit Work when complete. Total Employee compensation $136,000 FICA social security tax rate 6.2% FICA medicare tax rate 1.45% Transactions: 08/10/2018 Recorded Salaries and Wages Expense accrual for the August 10 payroll. Employees will be paid on August 13. Prepare a compound entry for this transaction. 08/10/2018 Recorded payroll taxes for the August 10 payroll. Prepare a compound entry for this transaction. 08/10/2018 Recorded employee benefits expense for the August 10 payroll. Prepare a compound entry for this transaction. 08/13/2018 Paid emplovees from the August 10 navroll. SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL V Date Accounts Debit Credit No transactions in Journal ADD TRANSACTION EDIT CHECKED TRANSACTION DELETE CHECKED TRANSACTIONS