Answers
1 | |||
Accounts Titles and Explanation | Debit | Credit | |
Salaries Expense | $100,000 | ||
Federal Taxes Payable | $15,000 | ||
State Taxes Payable | $5,000 | ||
FICA Taxes Payable | $7,650 | ||
Cash | $72,350 | ||
2 | Payroll Tax Expense | $9,650 | |
FICA Taxes Payable | $7,650 | ||
State Taxes Payable | $1,500 | ||
Federal Unempl. Tax Payable | $500 | ||
3 | Loan | $6,000 | |
Cash | $6,000 | ||
4 | Loan | $195 | |
Interest | $5 | ||
Cash | $200 | ||
5 | Member Share Account | $10,000 | |
Cash | $10,000 | ||
6 | Expense | $3,800 | |
Cash | $3,800 | ||
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