The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $ 11,110.00 Social security and Medicare Taxes withheld 833.25 Income Taxes withheld 326.00 Retirement Savings 530.00 The entry to record the liability for net pay would include a Select the correct answer. Credit to Salaries Payable for $9,420.75 Debit to Salaries Payable for $11,110.00 Debit to Salaries Payable for $9,420.75 Credit to Salaries Expense for $9,420.75
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $ 11,110.00 Social security and Medicare Taxes withheld 833.25 Income Taxes withheld 326.00 Retirement Savings 530.00 The entry to record the liability for net pay would include a Select the correct answer. Credit to Salaries Payable for $9,420.75 Debit to Salaries Payable for $11,110.00 Debit to Salaries Payable for $9,420.75 Credit to Salaries Expense for $9,420.75
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 5PB: 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:
Salaries expense | $ 11,110.00 |
Social security and Medicare Taxes withheld | 833.25 |
Income Taxes withheld | 326.00 |
Retirement Savings | 530.00 |
The entry to record the liability for net pay would include a
Select the correct answer.
Credit to Salaries Payable for $9,420.75
Debit to Salaries Payable for $11,110.00
Debit to Salaries Payable for $9,420.75
Credit to Salaries Expense for $9,420.75
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