On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. It posted an additional $4,390 on its October 31 pay date. Since Eco Brewers is a monthly schedule depositor, what entry
Should appear on November 15 for the remittance of the month's Social Security taxes?
A) Credit $8,780
B) Debit $4,390
C) Credit $4,390
D) Debit $8,780

Question

Quizplus · Accepted Answer

The entry should be a debit of $8,780 to the Social Security tax payable account to reflect the payment of the total liability for the month.

On October 15, Eco Brewers Had a Balance of $4,390