Journalizing Payroll Transactions a. In what expense account are employees earnings

Chapter 13, Problem 1

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QUESTION:

Journalizing Payroll Transactions

a. In what expense account are employees’ earnings often recorded?

b. List the accounts in which the payroll liabilities for federal income tax and Medicare tax are recorded.

Questions & Answers

QUESTION:

Journalizing Payroll Transactions

a. In what expense account are employees’ earnings often recorded?

b. List the accounts in which the payroll liabilities for federal income tax and Medicare tax are recorded.

ANSWER:

                                                                 Step 1 of 3

An expense refers to an obligation paid by a company to conduct business operations and earn something. It can be differentiated between two categories such as direct expenditure and indirect expenditure.

                                                                 

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