After Copper Corporation paid its employees on July 15 and recorded the corporations share of...
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Accounting
After Copper Corporation paid its employees on July 15 and recorded the corporations share of payroll taxes for the payroll paid that date, the firms general ledger showed a balance of $20,584 in the Social Security Tax Payable account, a balance of $4,814 in the Medicare Tax Payable account, and a balance of $19,920 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First City Bank. Record this transaction in general journal form
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