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Please answer the both parts correctly. Thank You. Surry Inc., a calendar year-end company, pays its employees on the last day of the month for
Please answer the both parts correctly. Thank You.
Surry Inc., a calendar year-end company, pays its employees on the last day of the month for work performed during the month. Gross salaries for the month of April are $20,000. Surry withholds the following amounts from its employees' paychecks for this pay period: federal income tax of $4,000 state income tax of $2, 500. FICA tax of $1, 600 Tax withholding are not remitted to the proper tax agencies until the 10^th of the following month. Required: Answer the following two questions. The entry to record the payment of salaries on April 30 should include a debit to the "Salaries Expense-account for how much? Answer: $ The entry to record the payment of salaries on April 30 should include a credit to the "Cash" account for how much? Answer: $Step by Step Solution
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