The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $ 14,900.00 Social security and Medicare taxes withheld 1,117.50 Income taxes withheld 306.00 Retirement savings 580.00 The entry to record the payment of net pay would include a a.debit to Salaries Payable for $14,900.00 b.debit to Salaries Payable for $12,896.50 c.credit to Salaries Payable for $12,896.50 d.credit to Salaries Expense for $12,896.50

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1E
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The following totals for the month of June were taken from the payroll register of Arcon Company:

Salaries expense $ 14,900.00
Social security and Medicare taxes withheld 1,117.50
Income taxes withheld 306.00
Retirement savings 580.00

The entry to record the payment of net pay would include a

a.debit to Salaries Payable for $14,900.00
b.debit to Salaries Payable for $12,896.50
c.credit to Salaries Payable for $12,896.50
d.credit to Salaries Expense for $12,896.50
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