Frellies Gym has a credit balance of $31,485.27 in its Wages and Salaries Payable General Ledger account as of August 16. If the pay date is August 16, what transaction should appear in the Wages and Salaries Payable General Ledger account on that date?

Question

Quizplus · Accepted Answer

The correct transaction is to debit the Wages and Salaries Payable account for $31,485.27. This entry reduces the liability, reflecting the payment of wages and salaries owed as of the pay date.

Frellies Gym Has a Credit Balance of $31,485