The Statewide Sales Company Has Gross Pay for March of $45,000.The

question 40

True/False

The Statewide Sales Company has gross pay for March of $45,000.The first journal entry in the payroll cycle to record salary expense would include a credit to Cash for $45,000.

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Definitions:

Entitlement

Government programs guaranteeing certain benefits to a particular group or segment of the population, such as Social Security and Medicare.

Social Security

A government program designed to provide financial assistance to people who are retired, disabled, or in other specific situations that affect their earning capacity.

Medicare

A federal health insurance program in the United States for people aged 65 and older, and for some younger individuals with disabilities.

Federal Program

A program funded and administered by the national government to achieve specific policy objectives.