Multiple Choice Question 123 The following totals for the month of March were ta
ID: 2404044 • Letter: M
Question
Multiple Choice Question 123
The following totals for the month of March were taken from the payroll records of Blossom Company.
The entry to record the payment of net payroll would include a
debit to Salaries and Wages Payable for $201055.
debit to Salaries and Wages Expense for $201055.
debit to Salaries and Wages Payable for $219505.
credit to Cash for $201055.
Multiple Choice Question 124
The following totals for the month of March were taken from the payroll records of Wildhorse Co.
The entry to record accrual of employer’s payroll taxes would include a
debit to Payroll Tax Expense for $103435
debit to FICA Taxes Payable for $22305.
debit to Payroll Tax Expense for $39235
credit to Payroll Tax Expense for $39235.
Multiple Choice Question 139
Bonds that are issued against the general credit of the borrower are called
term bonds.
callable bonds.
secured bonds.
debenture bonds
Salaries $318600 FICA taxes withheld 24375 Income taxes withheld 70100 Medical insurance deductions 4620 Federal unemployment taxes 2550 State unemployment taxes 15900Explanation / Answer
123 Net salaries payable = 318600-24375-70100-4620= $219505 Debit to Salaries and Wages Payable for $219505 124 Payroll Tax Expense = 22305+2330+14600= $39235 debit to Payroll Tax Expense for $39235 139 Bonds that are issued against the general credit of the borrower are called debenture bonds
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