If a company's employees have earned salaries that amount to $34,000 and they pay $4,000 cash,...
If a company's employees have earned salaries that amount to $34,000 and they pay $4,000 cash, with the remainder to be paid in the next period, what accounts do I put each amount into while doing transaction analysis?
Right now I have -4000 on cash (asset), +34,000 on retained earnings (equity) [I did this because I am under the impression that earned salaries have made the revenue account increase, but there is no individual revenue account on my doc], and I have $30,000 on wages payable(L).
I am just very confused of whether or not this balances.
Homework Answers
Solution:
Account to put while doing transaction analysis:
Cash (asset) = -4000 (Cash outflow)
Salaries expense/ Retained earnings = -$34,000 (Expense)
Wages payable (Liabilities) = $30,000
Add Answer to:
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