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You prepared the journal entries for the employee of TopStone Inc. You have now been given the following additional information:
May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium.
Using the information from EA14 and the additional information provided:
Problem A. Record the employer payroll for the month of May, dated May 31, 2017.
Problem B. Record the payment in cash of all employer liabilities only on June 1
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Jan. 5 Signed a contract to provide services to a customer within the next year for $5,500. Journalize these transactions in proper form
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