December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account.  This represents the employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January to record the last transfer (payment) of FUTA taxes.

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter11: Cost-volume-profit Analysis
Section: Chapter Questions
Problem 11.18E
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On December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. 
This represents the employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January to record the last transfer (payment) of FUTA taxes.

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Transcribed Image Text:P3 JX A B DE F G HIJKL M N 1 Date Account Titles and Description PR Dr. Cr. 3 4 5 6. 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
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