Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. gross payroll for the employees of bestos company

Gross payroll for the employees of Bestos Company totals $200,000 per week. From this must...

90.2K

Verified Solution

Question

Accounting

image

Gross payroll for the employees of Bestos Company totals $200,000 per week. From this must be withheld Social Security taxes of 6.20% and Medicare taxes of 1.45%. In addition, federal and state income tax withholdings amount to 10.00% of gross payroll. Which ONE of the following is in the SUMMARY JOURNAL ENTRY to record the payment of payroll for one week? DEBIT to Compensation Expense for $215,300 DEBIT to Income Tax Withholding Payable for $20,000 DEBIT to Social Security Payable for $24,800 DEBIT to Cash for $164,700 CREDIT to Medicare Payable for $2,900

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students