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13 July, 23:04

A company shows a balance in Salary Payable of $40k at the end of the month. The next payroll amounting to $$45k is to be paid in the following month. What will be then entry to record the payment salary?

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  1. 14 July, 02:55
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    Answer: The journal entry is as follows:

    Explanation:

    Given that,

    Balance in salary payable = $40000

    Next payroll in the following month = $45000

    So, the journal entry to record the payment salary is as follows:

    Salaries and Wages Expense A/C Debit 5000

    Salaries and Wages Payable A/C Debit 40000

    To Cash A/C 45000

    (entry to record the payment salary)
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