Decreases in asset accounts are recorded as credits increase

Reference no: EM131013988

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

Reference no: EM131013988

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