Which of the Following Columns Would Be Used as Part

question 3

Multiple Choice

Which of the following columns would be used as part of a general journal entry? (You may select more than one answer. )

• A)Net pay
• B)Total overtime earnings
• C)Earnings subject to FICA tax
• D)Health insurance payable

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Definitions:

Merchandise Sold

The total goods that have been sold by a company, typically measured over a specific period like a fiscal quarter or year.

Physical Inventory

The process of counting by hand the actual inventory of a business at a specific point in time.

Net Income

The net income of a business following the deduction of all costs, taxes, and expenses from its total earnings.

Gross Profit Rate

The gross profit rate is a financial metric indicating the percentage of revenue that exceeds the cost of goods sold, showcasing the efficiency of a company in managing its production costs.