The following totals for the month of April were taken from the payroll records of Nash's Trading Post, LLC. Salaries $88800 FICA taxes withheld 6790 Income taxes withheld 18500 Medical insurance deductions 3300 Federal unemployment taxes 240 State unemployment taxes 1600 The entry to record the payment of net payroll would include a: debit to Salaries and Wages Payable for $60210. debit to Salaries and Wages Payable for $53420. debit to Salaries and Wages Payable for $58610. credit to Cash for $67000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following totals for the month of April were taken from the payroll records of Nash's Trading Post, LLC.

Salaries $88800
FICA taxes withheld 6790
Income taxes withheld 18500
Medical insurance deductions 3300
Federal unemployment taxes 240
State unemployment taxes 1600

The entry to record the payment of net payroll would include a:

debit to Salaries and Wages Payable for $60210.

debit to Salaries and Wages Payable for $53420.

debit to Salaries and Wages Payable for $58610.

credit to Cash for $67000.

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