What is the amount to be remitted for this pay date


Problem: Gander Publications had the following payroll data for its May 12 pay date: Date Account Title Account Number Debit Credit May 12 Wages and salaries expense 522 $ 18,327.54 Federal withholding tax payable 220 $ 2,867.50 Social Security tax payable 221 1,090.86 Medicare tax payable 222 255.12 401(k) contributions payable 223 733.10 Charitable contributions payable 224 1,205.50 Wages and salaries payable 226 12,175.46 May 12 Wages and salaries payable 226 12,175.46 Cash 101 12,175.46 If the firm matches employee 401(k) contributions at 50 percent of the employees' contribution, what is the amount to be remitted for this pay date? Multiple Choice Debit Cash $1,205.50; Credit 401(k) Contributions Payable $1,205.50 Debit Cash $255.12; Credit 401(k) Contributions Payable $255.12 Debit 401(k) Contributions Payable $733.10; Credit Cash $733.10 Debit 401(k) Contributions Payable $1,099.65; Credit Cash $1,099.65

 

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Accounting Basics: What is the amount to be remitted for this pay date
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