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Use this information to answer the following question. The following totals for the month of September were taken from the payroll register of Meadors Company:
Use this information to answer the following question. The following totals for the month of September were taken from the payroll register of Meadors Company:
Salaries expense | $24,000 |
Social Security and Medicare taxes withheld | 1,100 |
Income taxes withheld | 5,000 |
Medical insurance deductions | 500 |
Life insurance deductions | 400 |
Salaries subject to federal and state unemployment taxes of 6.2 percent | 8,000 |
The entry to record the payment of net payroll would include a
debit to Salaries Payable for $24,000. |
debit to Salaries Payable for $15,900. |
debit to Salaries Payable for $17,000. |
credit to Cash for $18,100. |
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