Prepare a journal entry for the following transactions: On August 30th, Decrease

Question

Prepare a journal entry for the following transactions:

On August 30th,

Decreases in asset accounts are recorded as credits
Increases in liability accounts are recorded as credits
Increases in expense accounts are recorded as a debit
Credit Cash in Bank for $12,034.05
Credit Employer s Federal Income Tax Payable for $258.30
Employees State Income Tax Payable for $27.50
Social Security Tax Payable for $834.08
Medicare Tax Payable for $195.07
Hospital Premiums Payable for $78.90
U.S Savings Bonds Payable for $25.00
Debit Salary Expense for $13,452.90

Explanation / Answer

salary expense a/c Dr $13452.90 To bank a/c $12034.05 To Employers federal income tax payable a/c $258.30 To Employees state income tax payable a/c $27.50 To social security tax payable a/c $834.08 To medicare tax payable a/c $195.07 To hospital premiums payable a/c $78.90 To U.S savings bond payable a/c $25.00

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