Question

Record the payment of cash for salaries during January, $118,000.Provide the journal entry to record the payment of cash for salaries in January. Include the accounts affected, their debits or credits, and the corresponding amounts.

Answer 1

The journal entry to record the payment of cash for salaries during January is a debit to Salaries Expense for $118,000 and a credit to Cash for $118,000.

Step-by-step explanation:

To record the payment of cash for salaries during January, which amounts to $118,000, you would make the following journal entry:

• 
  
• Debit: Salaries Expense for $118,000
• 
  
• Credit: Cash for $118,000

This journal entry reflects the decrease in cash as well as the recognition of the expense associated with paying salaries. The accounts affected are Salaries Expense, which is the account that tracks the cost of salaries, and Cash, which is an asset account that decreases with the outflow of funds.