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William Baker works for Jones Restaurant Supply all year and earns a monthly salary of $8,000.  There is no overtime pay and Jones withholds income taxes at 12% of gross pay. Jones deducts $200 monthly fo the co-payment of the health insurance premium.  Employees are paid on the fifth day of each month.  As of October, 31, William had $80,000 of cumulative earnings.  Journalize the accrual of salaries expense on October 31.  Omit explanations.
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Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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