Prepare the Journal Entry for the Following Transaction

question 67

Essay

Prepare the journal entry for the following transaction:
On 6/12/17, the business paid $4,500 for the following expenses: employee salary, $3,000; utilities, $1,000, and repairs, $500.

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Definitions:

Risk-free Return

The theoretical return of an investment with zero risk, typically associated with government bonds.

Standard Deviation

Standard Deviation is a statistical measure that quantifies the amount of variation or dispersion of a set of values; in finance, it is commonly used to gauge the volatility of an investment.

Pension Funds

Investment pools that collect and manage funds contributed by employers and employees for future retirement benefits, investing in various assets for long-term growth.

Tax Deductible

Expenses that can be subtracted from gross income to reduce taxable income, effectively lowering the overall tax liability.