Business
27.05.2020 18:09
263
269
10
Solved by an expert

The journal entry to record employer payroll taxes owed affects a) liabilities only

The journal entry to record employer payroll taxes owed affects
a) liabilities only
b) assets only
c) assets and liabilities
d) liabilities and stockholders' equity
Show Answers
amy7233
amy7233
4,6(34 marks)

a) liabilities only

Explanation:

The journal entry to record the payroll tax expense is shown below:

Payroll tax expense A/c Dr

     To Social security tax payable A/c

     To Medicate tax payable A/c

     To State Unemployment tax payable A/c

     To Federal Unemployment tax payable A/c

(Being the payroll tax expense is recorded)

The payroll tax expense is shown on the debit side of the income statement whereas payroll tax payable is shown on the liabilities side of the balance sheet

reneethacker20p8wdgn
reneethacker20p8wdgn
5,0(89 marks)

b.

c.

d.

g.

those r all of them i believe

Popular Questions about the subject: Business

New questions by subject

Find the cost of four score of plate at 50k each and three dozens of spoon at...
Mathematics
30.05.2022 09:55
Find and help me please.​...
Computers and Technology
25.08.2021 03:15
Consider Line 1 with the equation: x = − 17 Give the equation of the line parallel...
Mathematics
17.09.2021 19:06
Trigonometry Ration ​...
Mathematics
06.12.2020 22:42
Cual es la célula más grande en el humano...
Biology
25.07.2021 05:17
The phenomenon is called a revision why did it happen...
Biology
17.07.2021 11:23
What type of function is represented by the following graph?...
Mathematics
30.06.2023 11:36
The process of cell division in Eukaryotes is called A. Meiosis B. Binary Division...
Biology
21.12.2022 01:47
#
#
#
#
# #

We expand our knowledge with many expert answers