Identify the List of Accounts Below That Would Normally All

question 88

Multiple Choice

Identify the list of accounts below that would normally all have a credit balance.

• A)Social Security Tax Payable, Medicare Tax Payable, Employee Income Tax Payable.
• B)Worker's Compensation Insurance Expense, Prepaid Insurance, Medicare Tax Payable.
• C)Worker's Compensation Insurance Payable, Salaries Payable, Salaries Expense.
• D)Payroll Taxes Expense, State Unemployment Tax Payable, Wages Payable.

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Definitions:

Lessor

The individual or entity that rents or leases their property or asset to another person, referred to as the lessee.

Operating Leases

Operating leases are contractual agreements in which the lessee pays to use an asset for a short period relative to the asset's life, without assuming the risks and rewards of ownership.

Cancellable

Refers to an agreement or contract that can be terminated or annulled by the involved parties.

Lessor

The entity that rents out a property or asset to another entity, referred to as the lessee.