Three former college classmates decided to open a store near campus to sell wire
ID: 2534292 • Letter: T
Question
Three former college classmates decided to open a store near campus to sell wireless equipment to students. They created a public company and issued stock to interested investors. Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the COMPANY accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease.
Transaction 6
Wages and salaries in March were $11,500, of which $9,000 was actually paid to employees.
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Explanation / Answer
6 Wages and salaries expense increase 11500 Cash decrease 9000 Wages and salaries payable increase 2500