A Company Shows a Balance in Salaries and Wages Payable $\begin{array}{lrr} \text { Salaries and Wages Expense. } & 50,000 & \\ \text { Salaries and Wages Payable... } & & 50,000 \\\end{array}$

Short Answer

A company shows a balance in Salaries and Wages Payable of $34000 at the end of the month. The next payroll amounting to $50000 is to be paid in the following month. What will be the journal entry to record the payment of salaries? a. $\begin{array}{lrr} \text { Salaries and Wages Expense. } & 50,000 & \\ \text { Salaries and Wages Payable... } & & 50,000 \\\end{array}$

b. $\begin{array}{lrr} \text { Salaries and Wages Expense. } & 50,000 & \\ \text { Cash} & & 50,000 \\\end{array}$

c. $\begin{array}{lrr} \text { Salaries and Wages Expense } & 16,000 & \\ \text { Cash. } & & 16,000 \\\end{array}$

d. $\begin{array}{lrr}\text { Salaries and Wages Expense... } & 16,000 & \\ \text { Salaries and Wages Payable } & 34,000 & \\\text { Cash. } & & 50,000 \\\end{array}$