The following totals for the month of April were compiled from the payroll data of Magnum Company: Salaries $10,000 FICA taxes withheld 750 Income taxes withheld 2,000 Medical insurance deductions 450 Unemployment taxes 420 The journal entry for the accrual of the employer’s payroll taxes would include a a.debit to Payroll Tax Expense for $1,620 b.credit to Payroll Tax Expense for $420 c.debit to Payroll Tax Expense for $1,170 d.debit to FICA Taxes Payable for $1,500
The following totals for the month of April were compiled from the payroll data of Magnum Company: Salaries $10,000 FICA taxes withheld 750 Income taxes withheld 2,000 Medical insurance deductions 450 Unemployment taxes 420 The journal entry for the accrual of the employer’s payroll taxes would include a a.debit to Payroll Tax Expense for $1,620 b.credit to Payroll Tax Expense for $420 c.debit to Payroll Tax Expense for $1,170 d.debit to FICA Taxes Payable for $1,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following totals for the month of April were compiled from the payroll data of Magnum Company:
| Salaries | $10,000 |
| FICA taxes withheld | 750 |
| Income taxes withheld | 2,000 |
| Medical insurance deductions | 450 |
| 420 |
The
a.debit to Payroll Tax Expense for $1,620
b.credit to Payroll Tax Expense for $420
c.debit to Payroll Tax Expense for $1,170
d.debit to FICA Taxes Payable for $1,500
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