Reference no: EM132774932
Question 1 - The following are payroll tax data related to the employees of a company:
FICA Taxes Payable, Employer: $32,000
Federal Unemployment Taxes Payable: $4,000
State Unemployment Taxes Payable: $24,000
Required - What is needed in the journal entry to record these payroll tax data?
A. Credit to FICA taxes payable, employer for $32,000
B. Credit to payroll tax expense for $60,000
C. Debit to payroll tax liability for $28,000
D. Debit to state unemployment taxes payable for $24,000
Question 2 - A company made retail sales of $10,000 to its customers. The sales tax rate is 7.0%. All sales are cash sales.
Required - What is needed in the journal entry to record these sales?
A. Credit to sales revenue for $10,000
B. Debit to sales revenue for $10,000
C. Credit to sales revenue for $10,700
D. Debit to sales revenue for $10,700
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