Rushing River Boats has the following data in its Social Security tax payable General Ledger account: It is a monthly schedule depositor. What entry should appear in the General Ledger to reflect the tax remittance on February 15?

Question

Rushing River Boats has the following data in its Social Security tax payable General Ledger account:   It is a monthly schedule depositor. What entry should appear in the General Ledger to reflect the tax remittance on February 15?

Quizplus · Accepted Answer

As a monthly schedule depositor, Rushing River Boats is required to remit its Social Security tax payable on a monthly basis. Based on the information given, there are two separate entries in the General Ledger account for the tax payable. Therefore, on February 15, Rushing River Boats would need to remit the total amount of both entries, which is $1,620 ($900 + $720). This would be reflected in the General Ledger through a debit entry for $1,620.

Rushing River Boats Has the Following Data in Its Social