Assume that an adjusting entry was made on november 30 for earned, but unpaid employee salaries of $260 which represented 2 days of salaries earned for november 29-30. on december 5, the employees are paid for five days. record the journal entry on december 5 assuming that reversing entries are used by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.

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21-06-2022
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Assume that an adjusting entry was made on november 30 for earned, but unpaid employee salaries of $260 which represented 2 days of salaries earned for november 29-30. on december 5, the employees are paid for five days. record the journal entry on december 5 assuming that reversing entries are used by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.

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chilljain33 chilljain33 · Answer 1 · 2022-06-27T12:01:41+02:00

The journal entry to be recorded for the transaction that took place on December 5 will affect a debit in Salaries and Wages Expense for $650; and a credit in the Cash balance equally.

What is a journal entry?

A systematic method of recording the monetary and financial transactions in a chronological way of their occurrence, is known as a journal entry. Each journal entry has a debit and credit effect of equal amount.

The journal entry for the transaction has been added in the image for better reference.

Hence, the significance of journal entry is aforementioned.

Learn more about a journal entry here:

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