McHale Enterprises has the following incomplete General Journal entry for the most recent pay date:

What is the amount of the 401(k)contributions for the pay date?
A)$2,253.00
B)$15,298.22
C)$12,576.05
D)$9,215.38

Question

McHale Enterprises has the following incomplete General Journal entry for the most recent pay date:

What is the amount of the 401(k)contributions for the pay date?
A)$2,253.00 
B)$15,298.22 
C)$12,576.05 
D)$9,215.38

Quizplus · Accepted Answer

The journal entry includes a debit to Salaries and Wages Expense for $54,890.76 and a credit to Cash for $39,314.53, indicating that $15,576.23 ($54,890.76 - $39,314.53) was withheld from employee salaries. The journal entry also includes a credit to 401(k) Payable for $12,576.05, indicating that this amount was withheld specifically for 401(k) contributions. Therefore, the amount of the 401(k) contributions for the pay date is $12,576.05.

McHale Enterprises Has the Following Incomplete General Journal Entry for the Most