Question: 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

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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1 TRUE The current tax rate for social security is 62 for the employer and 62 for the employee or 124 total The current rate for Medicare is 145 for the employer and 145 for the employee or 29 total C... View full answer

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