Multiple Choice Question 123 The following totals for the mo

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	15900

Solution

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