Wages and salaries in March were $10,900, of which $9,000 was actually paid to e

Question

Wages and salaries in March were $10,900, of which $9,000 was actually paid to employees. (choose an option for the account and answer the dollar amount based on the account)

1) Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid in capital     L) Retained Earning   M) Leave Blank            

2)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid in capital     L) Retained Earning   M) Leave Blank          

3)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid in capital     L) Retained Earning   M) Leave Blank    

4)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid in capital     L) Retained Earning   M) Leave Blank                                                        

5)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid in capital     L) Retained Earning   M) Leave Blank

Explanation / Answer

Answer

Wages & Salaries expenses debited by $10,900
Cash Credited by $9,000, and
Wages Payable credited by $1,900

Since wages and salaries expense account go to Income Summary and ultimately reduces Retained Earnings, Retained earnings are ultimately affected.

Account

Amount

Increase/Decrease

Retained Earnings

$                  10,900.00

Decreases

Cash

$                    9,000.00

Decreases

Wages payable

$                    1,900.00

Increases

Account

Amount

Increase/Decrease

Retained Earnings

$                  10,900.00

Decreases

Cash

$                    9,000.00

Decreases

Wages payable

$                    1,900.00

Increases

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