Accounting Knowledge MCQs
Find and correct the error(s) in the following general journal entry which recorded a company’s payroll liability: DR Office Salaries Expense, $1,000; CR Social Security Tax Expense, $200. DR Health Insurance Premium Expense, $50. DR Cash, $750. (check all that apply)
Find and correct the error(s) in the following general journal entry which recorded a company’s payroll liability: DR Office Salaries Expense, $1,000; CR Social Security Tax Expense, $200. DR Health Insurance Premium Expense, $50. DR Cash, $750. (check all that apply)
Answer
Correct Answer: CR Health Insurance Premium Payable
Explanation:
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