19 Export-Import Corporation paid the amount of P13,000.00 to Hernando’s Hideaway Resort Corporation for the vacation expenses of Mr. Leandro Lopez, its warehouse manager, in April 2020. The journal entry to record the fringe benefit expense and fringe benefit tax expense is: Group of answer choices Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credit: Cash, P20,000.00. Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Fringe benefit expense payable, P13,000.00; Fringe benefit tax payable, P7,000.00. Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P13,000.00; Fringe benefit tax payable, P7,000.00. Debits: Fringe benefit expense, P20,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P20,000.00; Fringe benefit tax payable, P7,000.00.
19 Export-Import Corporation paid the amount of P13,000.00 to Hernando’s Hideaway Resort Corporation for the vacation expenses of Mr. Leandro Lopez, its warehouse manager, in April 2020. The journal entry to record the fringe benefit expense and fringe benefit tax expense is: Group of answer choices Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credit: Cash, P20,000.00. Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Fringe benefit expense payable, P13,000.00; Fringe benefit tax payable, P7,000.00. Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P13,000.00; Fringe benefit tax payable, P7,000.00. Debits: Fringe benefit expense, P20,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P20,000.00; Fringe benefit tax payable, P7,000.00.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
19
Export-Import Corporation paid the amount of P13,000.00 to Hernando’s Hideaway Resort Corporation for the vacation expenses of Mr. Leandro Lopez, its warehouse manager, in April 2020. The journal entry to record the fringe benefit expense and fringe benefit tax expense is:
Group of answer choices
Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credit: Cash, P20,000.00.
Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Fringe benefit expense payable, P13,000.00; Fringe benefit tax payable, P7,000.00.
Debits: Fringe benefit expense, P13,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P13,000.00; Fringe benefit tax payable, P7,000.00.
Debits: Fringe benefit expense, P20,000.00; Fringe benefit tax expense, P7,000.00. Credits: Cash, P20,000.00; Fringe benefit tax payable, P7,000.00.
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