Rand Company's payroll on December 31 of the current year is as follows: total payroll, $500,000 payroll in excess of $128,400 to each employee, $350,000 payroll in excess of $7,000 to each employee, $400,000 income taxes withheld, $85,000 union dues withheld, $10,000 tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll and payroll taxes. Chart of Accounts ASSETS REVENUE 411 Sales Revenue 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 181 Equipment 189 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense 522 Payroll Taxes Expense LIABILITIES 211 Accounts Payable 532 Bad Debt Expense 540 Interest Expense 223 Union Dues Payable 225 Federal Income Taxes Withholding Payable 226 State Income Taxes Withholding Payable 541 Depreciation Expense 559 Miscellaneous Expenses 227 Federal Unemployment Taxes Payable 910 Income Tax Expense 228 State Unemployment Taxes Payable 229 FICA Taxes Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Prepare the journal entries for Rand's payroll and payroll taxes on December 31. Assume the payroll is paid on December 31. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT