Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 6 5 points Saved What is the journal entry to record the employer's payroll taxes expense and its related liabilities if the company has

image text in transcribed

Question 6 5 points Saved What is the journal entry to record the employer's payroll taxes expense and its related liabilities if the company has the following employer's payroll taxes expense and its related liabilities Payroll Tax Expense 220; FICA-OASDI Taxes Payable 150; FICA-Medicare Taxes Payable 30; Federal Unemployment Taxes Payable 10; State Unemployment Taxes Payable 30? A. Dr. Cash 220; Cr. FICA-OASDI Taxes Payable 150; Cr. FICA-Medicare Taxes Payable 30; Cr. Federal Unemployment Taxes Payable 10; Cr. State Unemployment Taxes Payable 30, B. Dr. FICA-OASDI Taxes Payable 150; Dr. FICA-Medicare Taxes Payable 30; Dr. Federal Unemployment Taxes Payable 10; Dr. State Unemployment Taxes Payable 30, Cr. Payroll Tax Expense 220 C. Dr. Payroll Tax Expense 220; Cr. FICA-OASDI Taxes Payable 150; Cr. FICA-Medicare Taxes Payable 30; Cr. Federal Unemployment Taxes Payable 10; Cr. State Unemployment Taxes Payable 30 B. Dr. FICA-OASDI Taxes Payable 150; Dr. FICA-Medicare Taxes Payable 30; Dr. Federal Unemployment Taxes Payable 10; Dr. State Unemployment Taxes Payable 30, Cr. Cash 220 D. None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial & Managerial Accounting, The Financial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison

7th Edition

0136505279, 9780136505273

More Books

Students also viewed these Accounting questions

Question

What is your current position?

Answered: 1 week ago