For the Month of September,Seawide Sales Company Recorded Gross Pay $$\begin{array} { | c | r | r | } \hline \text { Salaries and Wages Payable } & 59,500 & \\\hline \text { Cash } & & 59,500 \\\hline\end{array}$$

question 108

Multiple Choice

For the month of September,Seawide Sales Company recorded gross pay of $74,500.The net pay for the month amounted to $59,500.The salaries are paid on October 5.Which of the following is the journal entry for the payment of salaries?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Salaries and Wages Payable } & 59,500 & \\
• \hline \text { Cash } & & 59,500 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Salaries and Wages Payable } & 74,500 & \\
• \hline \text { Cash } & & 74,500 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Salaries and Wages Expense } & 59,500 & \\
• \hline \text { Cash } & & 59,500 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Cash } & 74,500 & \\
• \hline \text { Salaries and Wages Expense } & & 74,500 \\
• \hline
• \end{array}\]

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Definitions:

Sample Size

The total count of data points or observations gathered from a population to perform statistics.

Error of Estimation

Error of estimation is the discrepancy between an estimated value and the true value of a parameter being estimated.

Sampling Error

The error caused by observing a sample instead of the whole population, affecting the precision of statistical estimates.

Population Standard Deviation

The square root of the variance in a population, reflecting how much individual data points in the entire population deviate from the population mean.