The journal entry to record monthly payroll records of Splish Brothers Inc. will be debit to Salaries and Wages Expense for $144000.
In order to document a business transaction in the financial records of the company, a journal entry is employed. A journal entry is often made in the general ledger, but it can also be made in a special account and subsequently rolled forward towards the ledger accounts after already being summarized. After then, the ledger is utilized to produce the firm's financial statements.
Every business transaction should be recorded in at least two places, according to the reasoning behind a journal entry. For instance, when you make a cash sale, the income account as well as the cash payments are both increased. Alternatively, if you purchase items on credit, this raises both the payables and inventory accounts.
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