On January 15, the end of the first pay period of the year, North Companys...
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Accounting
On January 15, the end of the first pay period of the year, North Companys employees earned $28,000 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $3,400 of federal income taxes, $440 of medical insurance deductions, and $200 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Companys January 15 salaries expense and related liabilities.
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