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Surry Inc., a calendar year-end company, pays its employees on the last day of the month for work performed during the month. On August 31,
Surry Inc., a calendar year-end company, pays its employees on the last day of the month for work performed during the month. On August 31, Surry paid its employees $25, 000 cash for August's salaries. The following amounts were withheld from their employees' gross pay in order to arrive at the amount paid: federal income tax of $6, 000 state income tax of S3, 400 FICA tax of $1, 800 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 August 31 should include a debit to the "Salaries Expense" account for how much? Answer: $. The entry to record the payment of salaries on August 31 should include a credit to the "Cash" account for how much? Answer: $
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