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Cowboy Company's sales employees earn a total of $60,000 per month and are paid on the last working day of the month. Each employee's wages are subject to FICA Social Security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 12% and monthly medical insurance premiums of $3,300 for the employees. Prepare the general journal entry to accrue the monthly sales salaries expense at January 31. 7 A B I - I M ..! Date Account & Explanation Debit Credit
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