SIMPLE JOURNAL ENTRY Definition

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SIMPLE JOURNAL ENTRY is a journal entry that involves only one debit and one credit in the transaction.

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CURRENT LIABILITIES are liabilities to be paid within one year of the balance sheet date.

W-3 FORM, Transmittal of Wage and Tax Statements, is a form employers must use when filing paper W-2s with the Social Security Administration. Form W-3 summarizes the total wages, Social Security wages, federal income tax withheld, and FICA tax withheld from employees during the year and lists the number of W-2s being transmitted.

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