Calcuating Net Pay After Various Deductions
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Totals for the month of March from payrol register of XYZ company
salaries expense $13,000
S.S and madicare texes withheld 975
Income taxes withheld 2,600
retirement savings 500
The entry to record the payment of net pay would include a
a) debit to salaries payable for 13,000
b) debit to salaries payable for $8,925
c) Credit to salaries expense for $8,925
d) credit to salaries payable for $8,925
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Solution Summary
The solution explains the journal entry to be made for recording the net pay.
Solution Preview
The net pay is after all the deduction.
The net pay is 13,000-975-2,600-500 = 8,925. ...
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