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Unformatted text preview: What is the journal entry? Credit to sales tax payable for $1,400 Unearned revenue-revenues that are received before the company delivers goods or provides services-company debits cash, credits current liability Cash XX Unearned Revenue XX Unearned Revenue XX Revenue XX Current maturities of long-term debt-portion of long-term debt that comes due in the current year-no adjusting entry required Payroll and payroll taxes payable Payroll pertains to: 1. Salaries-managerial, administrative sales personnel (monthly or yearly rate) 2. Wages-store clerks, factory employees, and manual laborers (rate per hr) Employee (EE) taxes:-FICA tax-federal income tax-state income tax (liability) Employer (ER) taxes:-FICA tax-federal unemployment tax-state unemployment tax...
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