At the end of the month, an organization needs to accrue one week's wages. The gross wages amount to $500, tax amounts to $100, employers social security tax is $50, employees social security tax is $40, and employees contributions to a pension scheme amount to $30 The ledger entries to record this accrual would be

 

  

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(A) Debit wages expense 500 Credit social security tax payable 90 Credit income tax payable Credit pension scheme payable Credit wages accrued 100 30 280 %24 %24 (A) Debit wages expense 500 Credit social security tax payable 90 Credit income tax payable Credit pension scheme payable Credit wages accrued 100 30 280 %24 %24

Answer rating: 100% (QA)

We have Wage payable 500 Income tax 100 Employers social security tax 50 Employees social security t... View the full answer