Use the Following Journal Entry Display to Answer the Next

question 25

Multiple Choice

Use the following journal entry display to answer the next questions

-Which one of the following allocated amounts is correct from the journal entry above -

• A)wage expense - Administration - $582.40
• B)wage expense - Sales - $349.44
• C)WSIB expense - Administration - $17.53
• D)EHT expense - Sales - $5.49

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Definitions:

Savings and Loan

Financial institutions primarily engaged in accepting savings deposits and making mortgage and other loans to the public.

FDIC

The Federal Deposit Insurance Corporation, a U.S. government agency that insures deposits at banks and thrift institutions to maintain public confidence and financial stability.

Savings and Loan Debacle

A financial crisis in the United States during the 1980s and 1990s involving the failure of savings and loan associations, largely due to risky business practices.

Checkable Deposits

Consist of money in bank accounts that can be drawn upon by writing a check or using a debit card, offering immediate liquidity.