The following totals for the month of April were taken from the payroll register of Magnum Company. Use this information to answer the question that follow. Salaries $12,000 FICA taxes withheld 900 Income taxes withheld 2,500 Medical insurance deductions 450 Federal unemployment taxes 32 State unemployment taxes 216 The journal entry to record the monthly payroll on April 30 would include a:. a. debit to Salaries Payable for $7,902 b. debit to Salaries Expense for $7,902 c. debit to Salaries Payable for $8,150 d. credit to Salaries Payable for $8,150

The journal entry to record the monthly payroll on April 30 would include a credit to Salaries Payable for $8,150. The right answer is d.

Explanation:

In order to prepare The journal entry to record the monthly payroll on April 30 we would have to calculate the Salaries Payable as follows:

Salaries Payable=Salaries-FICA taxes withheld+Income taxes withheld+Medical insurance deductions

Salaries Payable=$12,000-$900+$2,500+$450

Salaries Payable=$8,150

Therefore, journal entry to record the monthly payroll on April 30 would be as follows:

                           Debit  Credit

Salaries                $12,000  

FICA withheld           $900

Income taxes withheld    $2,500

Medical insurance deductions $450

salaries payable             $8,150

So, The journal entry to record the monthly payroll on April 30 would include a credit to Salaries Payable for $8,150

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