When making the federal payroll tax deposit, the accounting entry to record an advance payment of EIC would be:

When making the federal payroll tax deposit, the accounting entry to record an advance payment of EIC would be:
A . Debit EIC payable, credit cash
B. Debit cash, credit EIC payable
C. Debit FIT payable, credit cash
D. Debit EIC payable, credit FICA payable

View Answer

Answer: B