When Cash Is Paid to Settle the Net Wages and Salaries

question 30

True/False

When cash is paid to settle the net wages and salaries due to employees the correct double entry to record this transaction is Debit wages control account, Credit bank.

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Definitions:

Debt

An amount of money that is owed or due to be paid, typically as a result of borrowing or a financial agreement.

Minutes

The official written records of the discussions and decisions made during formal meetings.

Board Of Directors

The Board of Directors is a group of individuals elected to represent shareholders and oversee the management and major decisions of a corporation.

Shareholder Voting Agreement

An agreement among shareholders outlining how they will vote their shares on certain matters such as elections of the board of directors, to ensure a particular outcome.