What accounts are affected when payroll checks are written? a. Cash is debited for gross earnings. b.

Question:

What accounts are affected when payroll checks are written?
a. Cash is debited for gross earnings.
b. Cash is credited for net earnings.
c. Federal Income Tax is debited.
d. Accounts Payable is credited.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Accounting A Contemporary Approach

ISBN: 9781260780352

5th Edition

Authors: David Haddock, John Price, Michael Farina

See More Books

Question Posted: Jul 14, 2022 07:35 AM

See More Questions

The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you in the payroll register, the employees' earnings...
In a mechanical system, the static deflection value was measured as 2.48 mm. In a free vibration test for this mechanical system, the free vibration curve measured with an initial displacement of 0.1...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
Joseph Kent started business on 1 July 2018 as a joiner making conservatories. His taxadjusted profits (before deduction of capital allowances) were as follows: Private use of both cars has been...
Compare structure and culture of two or more firms. Which would you prefer to work for?
The two masses shown in Figure are released from rest. The mass of block A is 100 kg; the mass of block B is 20 kg. Ignore the masses of the pulleys and rope. Determine the acceleration of block A...
American Down and Out Call. Given $K=100, T=\frac{1}{30}, S=100, \sigma=0.6, r=$ 0.01 , and $B=95$. Construct a tree for all nodes below the barrier value $=0$.
A U.S. company has two manufacturing plants, one in the United States and one in another country. Both produce the same item, each for sale in their respective countries. However, their productivity...
7. Solve and give physical interpretations of the problems Vy(x,y)=0, 0
A company produces electric motors for use in home appliances. One of the companys production managers is interested in examining the relationship between inspection costs in a month (X) and the...
Country Covers has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, these employees worked the hours shown below. Information about hourly rates,...
Which factor(s) does not determine the amount of federal income tax to be withheld from an employees earnings? a. State where employee lives b. Number of dependents the employee claims c. Marital...
A stake is being pulled out of the ground by means of two ropes as shown. Knowing that = 30, determine by trigonometry (a) The magnitude of the force P so that the resultant force exerted on the...
PUBLIC SECTOR ACCOUNTING (20 marks) Accountability is a complex concept (Gray & Jenkins, 1993). For the public sector, accountability is categorized into three main ones namely financial...
What kind of accountability can social workers be directly involved with in program and practice accountability?
Explain the following four types of accountability: a. Individual Accountability b. Accountability of Public Administrators c. Political Accountability d. Accountability of National Leaders
A licensed practical/vocational nurse (LP/VN) suffered a back injury and is working while taking prescription narcotic analgesics. A coworker noticed that the impaired nurse is risking clients' care...
Betty Lou sold a rental condominium that she had owned for several years. Her records reveal the following: Item to be Allocated Total Personal Property Building Land Rights Original purchase price...
Use Exercise 37 and mathematical induction to show that l(wi) = i l(w), where w is a string and i is a nonnegative integer.
Read the following description and Write a response of it. The discretion of public administrators can be decreased, but not altogether eliminated. Officials will use their discretion in any given...
For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2019, worksheet. Omit descriptions. a. During the year 2019, Sampson Company had...
For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2019, worksheet. Omit descriptions. a. On December 31, 2019, the Notes Payable...
On December 1, 2019, Jim's Java Joint borrowed $50,000 from its bank in order to expand its operations. The firm issued a four-month, 6 percent note for $50,000 to the bank and received $49,000 in...
Required information The graph shows vx vs. t for an object moving along the x-axis. V (m/s)+ 40 20 0 0 2 4 6 8 10 What is ax at t= 10.0 s? m/s 152 12 14 t(s)
In the extensive-form game pictured below, how many (pure) strategies does player 1 have? How many pure strategies does player 2 have? List them. Convert the game into a normal form game. What is the...
3.2. Two physics carts are on an essentially frictionless track. One cart has a mass of 0.5 kg, the other has a mass of 1.5 kg, and they have velcro that makes them stick together when they collide....

What accounts are affected when payroll checks are written? a. Cash is debited for gross earnings. b.

Question:

Step by Step Answer:

a Cash is debited for gross earnings c Federal Income Tax is debite...View the full answer

College Accounting A Contemporary Approach

Students also viewed these Business questions