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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Assume that for the August 31 payroll, McFriend (see RE9-4) pays its employees $120,000 for time worked and $10,000 for vacation taken. Prepare the journal entry to record McFriend’s August 20 payroll.

To determine

Prepare journal entry to record the given transaction.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees

Prepare journal entry to record the given transaction.

DateAccount Titles and explanationDebit ($)Credit ($)
August 31Salaries expense 120,000 
 Liability for compensated absences 10,000 

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