a deposit received by the bank will: debit the companys bank account. credit the companys bank account…

a deposit received by the bank will: debit the companys bank account. credit the companys bank account. debit the cash account on the companys books. credit the accounts payable account on the companys books. question 2 (3 points) saved the entry to record the payroll tax expense would include: a credit to federal income taxes payable. a debit to pre - paid tax expense. a credit to fica (oasdi and medicare) taxes payable. a credit to wages payable.

a deposit received by the bank will: debit the companys bank account. credit the companys bank account. debit the cash account on the companys books. credit the accounts payable account on the companys books. question 2 (3 points) saved the entry to record the payroll tax expense would include: a credit to federal income taxes payable. a debit to pre - paid tax expense. a credit to fica (oasdi and medicare) taxes payable. a credit to wages payable.

Answer

Brief Explanations:

  1. When a bank receives a deposit from a company, the bank's liability to the company (the company's bank - account balance) increases. In accounting, an increase in a liability account is recorded as a credit. So, a deposit received by the bank will credit the company's bank account.
  2. Payroll tax expense includes the employer's portion of FICA (OASDI and Medicare) taxes. When recording the payroll tax expense, the employer has an obligation to pay these taxes in the future, which is a liability. A liability increase is recorded as a credit to FICA (OASDI and Medicare) Taxes Payable.

Answer:

Question 1: B. credit the company's bank account. Question 2: C. a credit to FICA (OASDI and Medicare) Taxes Payable.