Question: During March the Wessue Coffee Emporium s employees earned wages of
During March, the Wessue Coffee Emporium’s employees earned wages of $18,000. Social security (FICA) withheld was $1,377; federal income taxes withheld were $3,600; and employees’ contributions to the American Red Cross withheld totaled $175. Use the accounting equation to record wages expense and wages payable at the end of March. Wessue will pay employees their March wages and will pay the withholding taxes during the first week in April.
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