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What accounts are affected by the payment of salaries?

A. Salaries and Wages Payable 71,500
Salaries and Wages Payable 71,500

B. Salaries and Wages Expense 57,000
Salaries and Wages Expense 57,000

C. Cash 71,500
Salaries and Wages Expense 71,500

D. Salaries and Wages Payable 57,000
Cash 57,000

Answer :

(c) Cash 71,500 Salaries and Wages Expense 71,500 is the correct journal entry for the payment of salaries.

When salaries are paid, it involves two aspects: the payment of cash and the recognition of the expense incurred. Cash is debited to reflect the outflow of funds, while Salaries and Wages Expense is credited to record the expense. Option C accurately captures this dual aspect of the transaction by debiting Cash and crediting Salaries and Wages Expense for the corresponding amounts.

Option A (Salaries and Wages Payable 71,500 Cash 71,500) suggests that the salaries are still payable, contradicting the information that the salaries have been paid. Option B (Salaries and Wages Expense 57,000 Cash 57,000) only records the expense without reflecting the full payment of salaries. Option D (Salaries and Wages Payable 57,000 Cash 57,000) implies that the full amount of salaries payable has not been paid. Hence, Option C accurately represents the journal entry for the payment of salaries, reflecting the cash payment and recording the corresponding expense.

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Here is the complete question:

For the month of September, Seawide Sales, Inc. recorded gross pay of $71,500. The net pay for the month amounted to $57,000. The salaries are paid on October 5. Which of the following is the journal entry for

the payment of salaries?

A. Salaries and Wages Payable

Cash

71,500

71,500

B. Salaries and Wages Expense

57,000

Cash

57,000

C. Cash

71,500

Salaries and Wages Expense

71,500

D. Salaries and Wages Payable

57,000

Cash

57,000

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