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.
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 5E
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Question
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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