What does the journal entry to record payment of salaries and wages list as the debits and credits for Salaries and Wages Payable and Cash?

Answer:

Salaries and Wages Payable: $26,690 debit; Cash: $26,690 credit

explaination:

To record the payment of salaries and wages, we need to account for the total earnings and the deductions. The total current period earnings are $35,600, and the total withholdings and deductions amount to $8,910. The net amount that will be paid out in cash is calculated by subtracting the total withholdings from the total earnings: $35,600 - $8,910 = $26,690. In the journal entry, we debit Salaries and Wages Payable for the net amount of $26,690, which reduces the liability, and we credit Cash for the same amount, reflecting the cash outflow. Therefore, the correct journal entry is to debit Salaries and Wages Payable and credit Cash for $26,690.

Topic: Accounting, Payroll, Journal Entries

Tags: accounting payroll journal entries salaries and wages

Get Instant Homework Help with Accounting, Payroll, Journal Entries Questions

What does the journal entry to record payment of salaries and wages list as the debits and credits for Salaries and Wages Payable and Cash?

Question:

Choices:

Answer:

explaination: