Asked by Alyssa Longmire on Jun 03, 2024
Verified
Wages and Salaries Payable would be used to record:
A) gross earnings of the employees paid.
B) net earnings of the employees not paid.
C) straight-time pay only.
D) the paid portion of the earnings.
Wages Payable
A liability account representing the amount owed to employees for work performed but not yet paid.
Gross Earnings
The total income earned by an individual or business before any deductions like taxes and social security contributions.
- Master the construction and characteristics of payroll accounts, featuring expenses, liabilities, and assets relevant to payroll.
Verified Answer
LJ
Lauryn JohnsonJun 08, 2024
Final Answer :
B
Explanation :
Wages and Salaries Payable is a liability account used to record the net earnings of employees that have been earned but not yet paid. It does not record gross earnings, straight-time pay only, or the portion of earnings that has already been paid.
Learning Objectives
- Master the construction and characteristics of payroll accounts, featuring expenses, liabilities, and assets relevant to payroll.