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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
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
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