The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $ 14,900.00 Social security and Medicare taxes withheld 1,117.50 Income taxes withheld 306.00 Retirement savings 580.00 The entry to record the payment of net pay would include a a.debit to Salaries Payable for $14,900.00 b.debit to Salaries Payable for $12,896.50 c.credit to Salaries Payable for $12,896.50 d.credit to Salaries Expense for $12,896.50
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $ 14,900.00 Social security and Medicare taxes withheld 1,117.50 Income taxes withheld 306.00 Retirement savings 580.00 The entry to record the payment of net pay would include a a.debit to Salaries Payable for $14,900.00 b.debit to Salaries Payable for $12,896.50 c.credit to Salaries Payable for $12,896.50 d.credit to Salaries Expense for $12,896.50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following totals for the month of June were taken from the payroll register of Arcon Company:
| Salaries expense | $ 14,900.00 |
| Social security and Medicare taxes withheld | 1,117.50 |
| Income taxes withheld | 306.00 |
| Retirement savings | 580.00 |
The entry to record the payment of net pay would include a
a.debit to Salaries Payable for $14,900.00
b.debit to Salaries Payable for $12,896.50
c.credit to Salaries Payable for $12,896.50
d.credit to Salaries Expense for $12,896.50
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