Instructions: Identify the Terms and Briefly State Their Historical Significance

question 51

Essay

Instructions: Identify the terms and briefly state their historical significance.
Pearl Harbor, December 7, 1941

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Definitions:

SUTA Payable

A liability account showing the amounts due to the state for state unemployment taxes, payable by employers based on established rates.

Journal Entry

The method by which transactions are recorded in the company's ledger, noting debits and credits.

Debit

In accounting, a debit is an entry that increases asset or expense accounts, or decreases liability, equity, or revenue accounts.

Form 940

A tax form filed by employers to report annual Federal Unemployment Tax Act (FUTA) taxes.