Using Excel to journalize and post transactions, and to create financial statements

Cougar Mountain Sports has recorded some transactions that occurred during August. In addition, adjusting entries

for the month were recorded as well. $($Record all normal transactions and adjusting transactions at the same time

and complete one adjusted trial balance.$)$

Requirements:

Cougar Mountain Sports employs three employees, and pays time$-$and$-$a$-$half for overtime. Monthly paychecks are

distributed on the Friday following the last day of the month. The company withholds federal income tax $(18\%),$ state

income tax $(7\%),$ FICA$-$OASDI $(6\mathrm{.}2\%)$for wages up to $$118,500,$ and FICA$-$Medicare $(1\mathrm{.}45\%).$ The company also

pays payroll taxes for FICA$-$OASDI $(6\mathrm{.}2\%)$ for wages up to $$118,500,$ FICA$-$Medicare $(1\mathrm{.}45\%),$ and state and

federal unemployment $(5\mathrm{.}4\%$ and $0\mathrm{.}6\%$ respectively$)$ for wages up to $$7,000.$ August $2024$ has $22$ working days. The

payroll data for the three employees for the month ended August $31$ follows: