Practice With Payroll Practice Quiz » Week 4 » Liabilities And Equity In Accounting

Q: True or False: The more you pay out to employees in wages and salaries the less cash you’ll have on hand in your assets to pay off liabilities.

Correct! Having a greater amount to pay out in wages and salaries means having less cash on hand to pay other outstanding liabilities.

Q: Which of the following best describes the journal entry for recording employee wages?

Correct! The journal entry to record employee wages will debit wage expense, credit all employee deductions, and credit cash.

Q: Which of the following best describes the journal entry for recording the employer’s expense?

Correct! The journal entry to record the employer’s expense will debit payroll tax and credit all taxes payable.

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Q:

True or False: The more you pay out to employees in wages and salaries the less cash you’ll have on hand in your assets to pay off liabilities.

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Q:

Which of the following best describes the journal entry for recording employee wages?

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Q:

Which of the following best describes the journal entry for recording the employer’s expense?

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