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When making the federal payroll tax deposit, the accounting entry to record an advance payment of EIC would be:
When making the federal payroll tax deposit, the accounting entry to record an advance payment of EIC would be:
A . Debit EIC payable, credit cash
B. Debit cash, credit EIC payable
C. Debit FIT payable, credit cash
D. Debit EIC payable, credit FICA payable
Answer: B
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