The account that is credited for the Medicare tax withheld from employee's earnings and the Medicare tax imposed on the employer is
a. Medicare Tax Expense.
b. Medicare Tax Payable.
c. Payroll Taxes Expense.
d. Payroll Expense.
Question 2
For each of the following transactions, determine whether or not there is an increase, decrease, or no change in total assets.
a. The owners each contributed 4,000 to start the business.
b. Paid monthly rent of 1,200.
c. Received 11,300 in cash from sales.
d. Recorded a decrease in inventory of 4,500 for the amounts sold.
e. Purchased equipment worth 7,500 with cash.
f. Borrowed 9,000 from the bank.
g. Paid employees 860.
h. Purchased 4,400 worth of inventory for cash.
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