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agasfer [191]
3 years ago
7

g A company shows a balance in Salaries and Wages Payable of $50,000 at the end of the month. The next payroll amounting to $75,

000 is to be paid in the following month. What will be the journal entry to record the payment of salaries
Business
1 answer:
GrogVix [38]3 years ago
7 0

Answer and Explanation:

The journal entry is

Salaries and Wages Payable $50,000

Salaries and Wages Expense $25,000

           To Cash $75,000

(Being cash paid is recorded)

Here salaries & wages payable and salaries & wages expense is debited as it decreased the liabilities & increased the expense while the cash is credited as it decreased the assets

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