Paoli Pizza Bought $5,000 Worth of Merchandise from TechCom and Signed

question 130

Multiple Choice

Paoli Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day,10% promissory note for the $5,000.TechCom's journal entry to record the sales portion of the transaction is:

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Definitions:

Federal Unemployment Tax Act

A United States federal law that imposes a payroll tax on employers to fund state workforce agencies, who administer unemployment insurance and job training programs.

Unemployment Compensation

A state system, created by the Federal Unemployment Tax Act (FUTA), that provides unemployment compensation to qualified employees who lose their jobs.

Unemployment Insurance Fund

A governmental fund designed to provide financial assistance to unemployed workers, funded by contributions from employers and the government.

Wagner Act

A foundational piece of labor legislation in the United States that established the rights of employees to organize, engage in collective bargaining, and take collective action, including strikes.