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6 July, 04:26

Sherriane Baby Products' salaries expense was $15.1 million. Required: What is the amount of cash Sherriane paid to employees during the reporting period if its salaries payable increased by $5.7 million? Prepare a summary entry that represents the net effect of salaries expense incurred and paid during the reporting period.

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  1. 6 July, 05:18
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    Summary entry is shown below

    Explanation:

    The preparation of the summary entry is shown below

    Salary expense $15.1 million

    To Cash $9.4 million

    To Salary payable $5.7 million

    (Being the salary expense is recorded)

    Simply we debited the salary expense by $15.1 million as the expenses account is debited while on the other hand, the cash is paid for $9.4 million and the salary payable is credited for $5.7 million
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