A calendar year-end company pays its employees on the last day of the month for work performed during the month. Gross salaries for the month of April are $20,000. The company withholds the following amounts from its employees' paychecks for this pay period: • federal and state income tax withheld of $6,500 •FICA/Medicare tax withheld of $1,500 Tax withholdings are not remitted to the proper tax agencies until the 10th of the following month. Question: Which of the following is the correct journal entry to record salaries expense on April 30?

A calendar year-end company pays its employees on the last day of the month for work performed during the month. Gross salaries for the month of April are $20,000. The company withholds the following amounts from its employees' paychecks for this pay period: • federal and state income tax withheld of $6,500 •FICA/Medicare tax withheld of $1,500 Tax withholdings are not remitted to the proper tax agencies until the 10th of the following month. Question: Which of the following is the correct journal entry to record salaries expense on April 30?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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