TRUE OR FALSE 1. After posting the entries to record salary expenses and payroll expenses, Alpha Company's
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TRUE OR FALSE
1. After posting the entries to record salary expenses and payroll expenses, Alpha Company's Employment Insurance Payable account has a $9,000 credit balance. This means that the payroll tax expense of Alpha Company included a $9,000 expense resulting from Employment Insurance.
2. The Employee's Individual Earnings Record serves as a subsidiary ledger to the Payroll Register account in General Ledger.
3. Most transactions for merchandising businesses fall into four groups: sales on credit, purchases on credit, cash receipts, and cash disbursements.
4. A special journal is any journal used for recording and posting transactions of a similar type.
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