The Payment of Wages to an Employee Is a Source

question 8

True/False

The payment of wages to an employee is a source of cash.

---

Definitions:

Journal Entry

A record in the accounting journal that represents a single business transaction through the debit and credit of financial accounts.

Bank Service Charge

Fees charged by a bank to a customer for account maintenance and other banking services.

Deposits In Transit

Funds that have been sent to a bank but not yet recorded in the bank's records, typically due to timing differences.

Bank Statement

A document issued by a bank to its customer listing transactions, including deposits, withdrawals, and fees over a specific period, usually monthly.