The following totals for the month of June were taken from the payroll register of Arcon Company: Account Debit Credit Salaries expense $13,980.00 Social security and Medicare taxes withheld 1,048.50 Income taxes withheld 333.00 Retirement savings 501.00 The entry to journalize the payment of net pay would include a a. debit to Salaries Payable for $13,980.00. b. credit to Salaries Payable for $12,097.50. c. debit to Salaries Payable for $12,097.50. d. credit to Salaries Expense for $12,097.50.
The following totals for the month of June were taken from the payroll register of Arcon Company: Account Debit Credit Salaries expense $13,980.00 Social security and Medicare taxes withheld 1,048.50 Income taxes withheld 333.00 Retirement savings 501.00 The entry to journalize the payment of net pay would include a a. debit to Salaries Payable for $13,980.00. b. credit to Salaries Payable for $12,097.50. c. debit to Salaries Payable for $12,097.50. d. credit to Salaries Expense for $12,097.50.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 5PA: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...
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The following totals for the month of June were taken from the payroll register of Arcon Company:
Account | Debit | Credit |
---|---|---|
Salaries expense | $13,980.00 | |
Social security and Medicare taxes withheld | 1,048.50 | |
Income taxes withheld | 333.00 | |
Retirement savings | 501.00 |
The entry to journalize the payment of net pay would include a
a. debit to Salaries Payable for $13,980.00.
b. credit to Salaries Payable for $12,097.50.
c. debit to Salaries Payable for $12,097.50.
d. credit to Salaries Expense for $12,097.50.
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