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Mango Co.'s employees earned $500 in wages for the month ended January 31. The company withholds its employees' income tax liability from their wages. The
Mango Co.'s employees earned $500 in wages for the month ended January 31. The company withholds its employees' income tax liability from their wages. The federal and state income tax is assumed to be 30%.
Record the journal entries related to Mango's wage expense. Select all that apply.
- Dr. Wage expense -- $500
- Cr. Wages payable -- $350
- Dr. Income tax withholding asset -- $150
- Dr. Wage expense -- $350
- Cr. Wages payable -- $500
- Cr. Income tax withholding liability -- $150
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