According to the accountant of Wildhorse Co., its payroll taxes for the week were as follows: $131.00 for FICA taxes, $22.00 for federal unemployment taxes, and $98.50 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e. g. 10.50.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Answer and Explanation:

The Journal entry is shown below:-

Payroll Tax Expense Dr,                            $251.50

     To FICA Taxes Payable                                  $131.00

      To Federal Unemployment Taxes Payable  $22.00

      To State Unemployment Taxes Payable$98.50

(Being the accrual of the payroll taxes is recorded)

Therefore, for recording the accrual of the payroll taxes we simply debited the payroll tax as it is an expense and credited FICA taxes payable, federal unemployment taxes payable and state unemployment taxes payable as its increasing the liabilities.

b is the correct answer

answer; yield to maturity;