Recording Payment of Salaries and Wages: Journal Entry and

Question 10 0 / 1 pts A company shows a balance in Salaries and Wages Payable of $34,000 at the end of the month. The next payroll amounting to $50,000 is to be paid in the following month. What will be the journal entry to record the payment of salaries . Salaries and Wages Expense 50,000 Salaries and Wages Payable .. 50,000 b. Salaries and Wages Expense .. 50,000 Cash.. 50,000 c. Salaries and Wages Expense ... 16,000 Cash.. 16,000 d. Salaries and Wages Expense 16,000 Salaries and Wages Payable 34,000 Cash ... 50,000 b u Answered C rect Answer $50,000 - $34,000 = $16,000 (Tot. payroll - Sal. & wages pay. = Sal. & wages exp.) Question 11 1 / 1 pts Roadwag Company purchased a truck from Tom's Semi Corp. by issuing a 6-month, 6% note payable for $60,000 on November 1. On December 31, the accrued expense adjusting entry is d. No entry is required. Interest Expense..... 3,600 Interest Payable 3,600 C. Interest Expense.... 1,800 Interest Payable.. 1,800 d. Interest Expense... 600 Interest Payable. 600 b orrect! $60,000 x .06 x 2/12 = $600 (Prin. x Int. rate x Fraction of yr. accrued = Int. exp.)