1. The Notes Payable account is debited on the maturity date when a note is paid. True...
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Question:
1. The Notes Payable account is debited on the maturity date when a note is paid. True or False
2. The formula for calculating the interest on a note is principal times rate divided by time. True or False
Multiple Choice
3. Payroll taxes incurred by the employer are recorded as a credit to
a. Salaries Payable
b. Payroll Tax Payable
c. a separate liability account for each tax
d. Federal Taxes Payable
4. The journal entry to record the employer’s payroll taxes would include a
a. credit to Salaries Expense
b. debit to Payroll Tax Payable
c. credit to Salaries Payable
d. debit to Payroll Tax Expense
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