The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,000 Social security and Medicare taxes withheld 1,050 Income taxes withheld 2,600 Retirement savings 1,000 The entry to record the payment of net pay would include a a. credit to salaries expense for $9,350 b. debit to salaries payable for $9,350 c. debit to salaries payable for $14,000 d. credit to salaries payable for $9,350
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,000 Social security and Medicare taxes withheld 1,050 Income taxes withheld 2,600 Retirement savings 1,000 The entry to record the payment of net pay would include a a. credit to salaries expense for $9,350 b. debit to salaries payable for $9,350 c. debit to salaries payable for $14,000 d. credit to salaries payable for $9,350
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 7SPB: CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected information from the payroll...
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The following totals for the month of June were taken from the payroll register of Arcon Company:
Salaries expense |
$14,000 |
Social security and Medicare taxes withheld |
1,050 |
Income taxes withheld |
2,600 |
Retirement savings |
1,000 |
The entry to record the payment of net pay would include a
a. |
credit to salaries expense for $9,350 |
|
b. |
debit to salaries payable for $9,350 |
|
c. |
debit to salaries payable for $14,000 |
|
d. |
credit to salaries payable for $9,350 |
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