After the ABC Corporation paid its employees on June 15, 2019, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $2,380 in the Social Security Tax Payable account, a balance of $685 in the Medicare Tax Payable account, and a balance of $3,050 in the Employee Income Tax Payable account. On June 16, 2019, the business issued a check to deposit the taxes owed in the local bank. Record this transaction on page 15 of a general journal.

What will be an ideal response?



GENERAL JOURNAL
PAGE 15
DATEDESCRIPTIONP.R.DEBITCREDIT
2019????
June 16Social Security Tax Payable?2,380?
?Medicare Tax Payable?685?
?Employee Income Tax Payable?3,050?
?Cash??6,115
?Paid payroll taxes???

Business

You might also like to view...

Short-term investments ________.

A) are debt and equity securities that the investor expects to hold for more than a year B) are investments in debt securities or equity securities in which the investor holds less than 50 percent of the voting stock and that the investor plans to sell two years after the balance sheet date C) are investments in debt and equity securities that are readily marketable and that the investor intends to convert to cash within one year D) are investments in debt securities that the investor intends to hold until maturity

Business

In a small group, ______ messages signal that the speaker has all the answers while ______ messages signal that speaker is willing to experiment and change.

A. superiority; equality B. neutrality; empathetic C. control; problem orientation D. certainty; provisionalism

Business

Marketing-oriented managers see segmenting as a process of aggregating people with similar needs into a group.

Answer the following statement true (T) or false (F)

Business

The complexity of today's business environment creates many new challenges for organizations, such as global competition, but creates few new opportunities in return

Indicate whether the statement is true or false

Business