Difference between debit and creditdebit-used to record, Ask an Expert

Accounting

Difference between Debit and Credit

Debit-used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period.

Credit-closed to Income Summary at the end of accounting period (along with all other expenses).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9583380

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