John Smith works 40 hours for ABC Corp. for $15 per hour. Required payroll deductions are: Social Security $37.20; Medicare $8.70; Federal Income Tax $58; and State Income Tax $10. Assuming the payroll deductions are paid in the following month, ABC would record John's pay with a journal entry that includes a ______. (Check all that apply.) Multiple select question. debit to Salaries and Wages Expense of $486.10 credit to Cash of $486.10 credit to State and Federal Income Tax Payable of $68 debit to Salaries and Wages Expense of $600 credit to FICA (Social Security and Medicare) Payable of $45.90
John Smith works 40 hours for ABC Corp. for $15 per hour. Required payroll deductions are: Social Security $37.20; Medicare $8.70; Federal Income Tax $58; and State Income Tax $10. Assuming the payroll deductions are paid in the following month, ABC would record John's pay with a journal entry that includes a ______. (Check all that apply.) Multiple select question. debit to Salaries and Wages Expense of $486.10 credit to Cash of $486.10 credit to State and Federal Income Tax Payable of $68 debit to Salaries and Wages Expense of $600 credit to FICA (Social Security and Medicare) Payable of $45.90
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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John Smith works 40 hours for ABC Corp. for $15 per hour. Required payroll deductions are: Social Security $37.20; Medicare $8.70; Federal Income Tax $58; and State Income Tax $10. Assuming the payroll deductions are paid in the following month, ABC would record John's pay with a journal entry that includes a ______. (Check all that apply.)
Multiple select question.
debit to Salaries and Wages Expense of $486.10
credit to Cash of $486.10
credit to State and Federal Income Tax Payable of $68
debit to Salaries and Wages Expense of $600
credit to FICA (Social Security and Medicare) Payable of $45.90
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