16 -The Social Security Deductions of the employees in the management department, amounting to TL 8,450 for March, were paid from the bank on April 30, 2021. Accordingly, which of the following is true about the journal entry to be made? a)102 Banks Account is debited 8,450 TL B)361 Social Security Deductions Account Payable 8.450 TL NS)361 Social Security Deductions Payable Account 8.450 TL Debited. D)360 Taxes Payable and Funds Account 8.450 TL Receivable. TO)770 General administrative expense account is debited 8,450 TL

On the accrual basis of accounting, we record the transaction as and when it has accrued and not on…

Answered: - The Social Security Deductions of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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16 -

The Social Security Deductions of the employees in the management department, amounting to TL 8,450 for March, were paid from the bank on April 30, 2021. Accordingly, which of the following is true about the journal entry to be made?

a)	102 Banks Account is debited 8,450 TL

B)	361 Social Security Deductions Account Payable 8.450 TL

NS)	361 Social Security Deductions Payable Account 8.450 TL Debited.

D)	360 Taxes Payable and Funds Account 8.450 TL Receivable.

TO)	770 General administrative expense account is debited 8,450 TL

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