27.

The following totals for the month of June were taken from the payroll register of Arcon Company:

Salaries expense	$11,290.00
Social security and Medicare taxes withheld	846.75
Income taxes withheld	275.00
Retirement savings	435.00

The entry to record the payment of net pay would include a

a.debit to Salaries Payable for $9,733.25.

b.credit to Salaries Payable for $9,733.25.

c.debit to Salaries Payable for $11,290.00.

d.credit to Salaries Expense for $9,733.25.

28.

Assuming a 360-day year, the interest charged by the bank, at the rate of 8%, on a 90-day, discounted note payable of $99,193 is

a.$3,968

b.$99,193

c.$1,984

d.$7,935