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Franco Company has 20 employees, each of whom earns $2,600 per month and is paid on the last day of each month. All 20 have been employed continuously at this amount since January 1. Franco uses a payroll bank account and special payroll checks to pay its employees. On March 1, the following accounts and balances exist in its general ledger:

a.	FICASocial Security Taxes Payable, $7,800; FICAMedicare Taxes Payable, $1,770. (The balances of these accounts represent total liabilities for both the employers and employees FICA taxes for the February payroll only.)
b.	Employees Federal Income Taxes Payable, $4,050 (liability for February only).
c.	Federal Unemployment Taxes Payable, $832 (liability for January and February together).
d.	State Unemployment Taxes Payable, $5,200 (liability for January and February together).

During March, the company had the following payroll transactions.

Mar. 15	Issued check payable to Swift Bank, a federal depository bank authorized to accept employers payments of FICA taxes and employee income tax withholdings. The $13,620 check is in payment of the February FICA and employee income taxes.
31	Recorded the March payroll and transferred funds from the regular bank account to the payroll bank account. Issued checks payable to each employee in payment of the March payroll. The payroll register shows the following summary totals for the March pay period.
		Salaries and Wages
		Office Salaries	Shop Wages	Gross Pay	FICA Taxes*	Federal Income Taxes	Net Pay
		$20,800	$31,200	$52,000	$3,224	$4,050	$43,972

* FICA taxes are Social Security and Medicare, respectively.

31	Recorded the employers payroll taxes resulting from the March payroll. The company has a merit rating that reduces its state unemployment tax rate to 5.00% of the first $7,000 paid each employee. The federal rate is .80%.

Required:

Prepare journal entries to record the transactions and events for March.

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