Question: I need help with finding the answers to these 3 questions. 1) When journalizing the entry to transfer funds from the regular checking account to
I need help with finding the answers to these 3 questions.
1) When journalizing the entry to transfer funds from the regular checking account to the payroll checking account, the _________ account is debited.
A.CashRegular Checking
B.CashPayroll Checking
C.Payroll Taxes Expense
D.Salaries and Wages Payable
2) When paying the FICA Social Security Payable, the _______ account is debited.
A. FICA Social Security Payable
B. Cash
C. Payroll Tax Expense
D. None of the above is correct.
3) If an employer hires independent contractors, they must prepare Form ______ for each contractor who was paid ________ or more during the calendar year.
A.1098; $1,000
B.1098; $600
C.1099; $600
D.1099; $1,000
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